News and Resources
Year-End Super Contributions & Minimum Pension Drawdowns
With 30 June 2021 fast approaching, it’s time to think about concessional super contributions and minimum pension drawdowns. Concessional contributions need to be received by the fund before 30 June 2021 to be deductible in this financial year. If you have a total super balance of less than $500,000 and do not use the full…
Increase of the Superannuation Guarantee Contribution (SGC) Rate to 10%
The minimum superannuation contribution rate on ordinary times earnings paid to your employees is about to increase from 9.5% to 10%. This takes effect from 1 July 2021. Computer based payroll systems such as Xero and MYOB should make the correct calculations automatically. If your payroll system is not computer based, you will need to make…
Fresh $66bn Package Reveals Bigger Cash Payments, Access to Super
The Government has announced its SECOND economic response to the Coronavirus which is in addition to their previous concession. The second stimulus package will now build on the initial tax-free cash payments to small and medium businesses, rising to up to $100,000, with a minimum payment of $20,000, up from the previously announced $25,000 and…