Career breaks hit women hardest, reducing average superannuation savings by nearly $160k Media Release: REST Industry Super Women are 30 per cent less likely than men to make any superannuation plans for their career break, despite taking 13 per cent more career breaks by choice After a career break, women returning to work earn 29 […]
Jason Daniels, Partner, Business Services, BDO The Australian Tax Office (ATO) has recently launched Single Touch Payroll Reporting (STPR) requirements that will be enforced from 1 July 2018. This will create significant changes for how businesses across the country report to and engage with regulators. Businesses with an employee head count of 20 or more will be […]
by Angela Szczepanski and Sid Sidhu, NRA Legal The Federal Government is planning to introduce legislation in the coming months that will address an estimated $1 billion worth of annual unpaid super. The Bill, which will amend that rules that currently allow companies to reduce their super contributions, will close a legal loophole that many […]
The obligation on employers to make superannuation contributions to eligible employees will remain at the rate of 9.5% for the new financial year. This rate has remained the same since 1 July 2014 and is due to increase to 10% from 1 July 2021. All employees are entitled to superannuation contributions provided they are paid […]
Intrust Super, the industry superannuation fund for the hospitality and tourism industries, has won Money magazine’s Best of the Best Value Insurance in Superannuation award for the fifth year in a row. Intrust Super’s continued success in this category reflects the quality of insurance it offers in all key areas such as life insurance, total […]
Did you know that it’s Super Booster day on 15 September 2016? Leading up to this day you’re invited to make a pledge to add a little extra to your super. But it’s not just about boosting your super for one day, it’s thinking about boosting it for the rest of your working life. Your future self […]
Did you miss the 30 June SuperStream deadline? The Australian Tax Office recognises that some small businesses needed extra time to get ready so they are supporting you by extending the deadline. You now have until 28 October 2016 to make the changes and be SuperStream ready. There are a number of options a small […]
As an employer there is a lot of grey area when paying employees and whether paying in cash is legal. Surprisingly too many, employers who pay employees wages through cash is actually a legal practice in Australia, however, there are requirements that must be met. The term ‘cash-in-hand’ is however considered illegal as this phrase […]
There are only a few weeks remaining before small businesses must change the way they make their super contributions. Employers with 19 staff or less will need to be “Superstream” ready by the 30 June 2016 deadline. In order for employers to be compliant with Superstream standards, they will need to make their super contributions […]
Most people don’t plan on working forever. And many who do, won’t be able to due to the frailty that comes with age. So by choice or by necessity, at some stage most of us will need an income that is not linked to a job. The age that most of us will have to […]
The Government announced a number of changes to super as part of the 2016/17 Federal Budget. Treasurer Scott Morrison said the objective of the changes is to have a more equitable system and to encourage Australians to save for retirement and not be dependent on the Age Pension. Some of the announcements include: • A […]