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.
There is no doubt you have heard a lot about the recent super reforms. With so much being said, we’ve distilled our top strategies to help you stay compliant and take advantage of the new rules. Make voluntary personal contributions The goal posts are changing around both concessional (pre-tax) and non-concessional contributions caps. Lower super caps make it harder … Read More
As we hurtle towards the end of the financial year, we are also fast approaching the 30 June 2016 deadline for SuperStream. If you’re a 542 client, you needn’t worry – you’re more than likely already using Xero’s free, easy-to-use clearinghouse software, which complies with SuperStream, if you haven’t enabled this feature or aren’t sure if you are … Read More
Super and more specifically Self Managed Super Funds are complicated and always changing. At the moment we’re hearing a lot of industry chatter around leveraging super savings to invest or buy property. SMSF borrowing arrangements and investment rules and regulations are complex. Before jumping in, 542 Partners recommend seeking financial, tax and/or legal advice to ensure any investment strategy is … Read More
If you’re a business owner, planning for retirement can fall down the list of priorities. With an ageing population and mounting costs of living, ‘super’ is an important consideration for all Australians, but even more so if you’re a business owner. Put simply, successful super planning means you’ve made sure you have enough to live off when you retire. And … Read More
Self managed superannuation funds or SMSFs are growing in popularity. Some figures have suggested that 31% of Australian retirement savings are held through self managed superannuation funds, out performing industry and/or retail funds. Why self-managed super? There are three main reasons why SMSFs are attractive: More control and flexibility over what you can invest in (including the ability to borrow … Read More