The Superannuation Guarantee rate will increase on 1 July 2023. Employers, remember to update your payroll to align with this change.
Modest but meaningful — we outline the highlights for personal tax, small business tax, superannuation and more announced in last night’s Federal Budget.
The ATO is ramping up their debt recovery action across the board for individuals as well as companies. It is crucial to keep all lodgements up to date even if the resulting debt can’t be paid straight away.
Whether you’re paying super weekly, monthly or quarterly, it’s important to check the super guarantee (SG) that you pay takes into account the new SG changes that started on 1 July 2022.
From 1 July 2022, two important super guarantee (SG) changes will apply to your business: here’s what you need to do.
From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may soon need to request their ‘stapled super fund’ details from the ATO.
The current rate of compulsory Superannuation Guarantee (SG) is due to increase to 10% in July 2021. It has been frozen at 9.5% since July 2014 and there have been many arguments for and against increasing SG contributions from the current rate of 9.5% to 12%.
The super guarantee (SG) is scheduled to increase from 9.5% to 10% from 1 July 2021. SG is the minimum super an employer must pay their employees.
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
Small Business Superannuation Clearing House users – want to claim a deduction for super contributions? Your super payments must be accepted by 23 June 2020.