Changes ahead for inactive super accounts: are you affected?
Got an old super fund account you haven’t touched for years? New rules mean “inactive” accounts (ie no contributions or rollovers for 16 months) will lose their insurance coverage from 1 July 2019 – unless you want to keep your insurance and take action now. Low-balance accounts may even be transferred to the ATO for […]
Increased super thresholds for 2019-20
Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax (CGT) cap amount and the employment termination payment (ETP) cap will both increase. This is welcome news […]
Small business tax concessions
Businesses that satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a small business entity includes access to a range of tax concessions including lower tax rates, capital allowance concession, trading stock concession, as well as FBT and GST concessions. If you think your business is a small […]
Are you signed up to the new small business super clearing house?
The small business superannuation clearing house (SBSCH) is a convenient service that allows small businesses to make superannuation contributions for employees in one single payment. Importantly, access to the service has recently changed. In this article we explain the steps you need to take to ensure your business can continue using the service. Although the […]
First Home Super Saver Scheme: building on the foundations
We start the new year with headlines of “falling house prices”, but even if prices are set to come down and you keep a close eye on your finances, saving a deposit to buy your first home can be difficult. The First Home Super Saver Scheme (FHSSS) – now passed by Parliament – means that […]
Super guaranteed
Are you paying the right amount of super for your employees? It’s that time of the year again, where the Australian Bureau of Statistics (ABS) release the indexation factors that are critical in determining various superannuation thresholds. While the super guarantee is still frozen at 9.5%, the maximum contribution base will increase to $54,030 per […]
