From 1 July 2022, two important super guarantee (SG) changes will apply to your business. Mitchell, Accountant at 542 Partners, takes you through the changes you need to know.
Super choice rules will change from 1 November
You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. Katie, Account Manager at 542 Partners, takes you through the changes you need to know. As always, our team are here to help. If you would like assistance or have a question, get in touch.
Changes to the Australian Superannuation Guarantee on 1 July 2021
An increase to the superannuation guarantee (SG) is set to go ahead from 1 July which will see the base rate rise from 9.5 per cent to 10 per cent. Kurtis from 542 Partners breaks down what Employers should consider doing before the end of the financial year in preparation for the super rate increase.
$1,500 JobKeeper subsidy to keep staff employed
A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below. Eligibility There … Read More
It’s time to catch up on super
With an estimated $5.6 billion in super payments not made annually, employers are being encouraged to resolve outstanding super commitments. The recent introduction of the long-awaited superannuation guarantee (SG) amnesty bill is now giving employers a ‘once-only’ opportunity to set things right before tough penalties apply. What does this mean? Under SG laws, employers are required to contribute at least … Read More
Calculating Super Guarantee: The new rule
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must contribute 9.5% of an employee’s … Read More
2019/20 budget highlights and key takeaways
If you missed the recent announcement of the 2019/20 federal budget, 542 Partners has you covered! The ‘Ballot Box’ budget is designed to showcase the return to surplus and engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. We partnered with Chris Fallico from ACADIA wealth advice to … Read More
2018/19 Budget changes that may affect your business.
Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets. While there’s much to be said about the complete budget, we’ve reviewed the key highlights that may affect your business. $20k accelerated depreciation extended until 30 June … Read More
Your casual employees may be entitled to super
The ATO recently reminded small businesses about paying super guarantee (SG) to their casual employees, regardless of whether they are full-time, part-time or casual. If you’re not sure whether your workers are employees or contractors, use the ATO’s Employee/Contractor decision tool. You can use this to work out if your worker is an employee or contractor for tax and super … Read More
Top tips for business owners wanting to boost their retirement nest egg – Part 2 (Guest Blog from Acadia Wealth Advice)
It is not uncommon to see owners of many thriving businesses devote all their financial resources, time and attention into their businesses at the expense of their personal finances. Often this requires accelerating efforts to boost their retirement savings at the back end of their working lives. In our earlier blog we spoke about the recent changes to superannuation, specifically … Read More