Superannuation/SMSF

Respondents from an MYOB survey estimate that changes to the super rules may take an extra 12.7 hours in compliance time every month for SMEs

Putting lipstick on the proverbial pig is what we’re seeing with pseudo-SMSF. It can be detrimental to those who want to step into the world of SMSF and take control of their financial future.

Making informed investment decisions to secure a comfortable retirement Understanding the impact your preservation age has on your retirement plans Ensuring financial longevity rather than short term returns. Following the launch of their ‘Don’t Die Poor’ campaign in late March, Melbourne-based financial advisory, Pekada, are determined to maintain this momentum with their recent insights into […]

New superannuation laws are expected to eliminate underperforming, fee gouging super funds with the introduction of automatic consolidation of inactive accounts and a fee cap for accounts with balances under $6000. Two superannuation bills were passed in the Senate last week and have sparked a reaction from Industry Super Australia and the Institute of Public […]

By the age of retirement, the average working woman will have lost $160,000 in superannuation due to career breaks, according to REST Industry Super. To determine the financial impacts of career breaks on working Australians, the superannuation fund commissioned research, including a survey of 1030 men and women who had taken a career break of […]

Find out how increased super contributions, as well as other changes, could affect you and your employer in the year to come. Several crucial changes to Australians’ superannuation came into effect from the 1st of July last year. Those who made extra super contributions, couples whose combined income was less than $40,000 and those with […]

Almost $18 billion worth of superannuation is still waiting to be claimed in Australia, with the ATO revealing the top ten postcodes for unclaimed super. According to the ATO, as at 30 June 2017, there were over 6.3 million lost and ATO-held super accounts with a total value of $17.87 billion. Super funds are holding […]

Wage suppression strategies and the termination of enterprise agreements could cost Australian’s $100 billion in lost retirement savings, according to a report from the Centre for Future Work. The report estimates that superannuation balances could be cut by $30,000 to $270,000 for a 40-year-old worker subjected to one of the eight wage suppression strategies, such […]

Financial Services Minister Kelly O’Dwyer has pushed through reforms to overhaul the governance of Australia’s $2.3 trillion superannuation system, sparking anger from Industry Super Australia. The new legislation was introduced on Thursday in a bid to “deliver a strong and modern superannuation system that is solely focused on delivering outcomes for all Australians who rely […]

Wednesday, 6 September 2017 Source: ATO Following a five-year rollout, superannuation members are now receiving an estimated $2.4 billion per year in savings thanks to SuperStream. SuperStream is one of the largest ever changes to Australia’s financial system, with an estimated investment across the industry of $1.5 billion. More than one million businesses have been involved […]

Although it’s not something that might cross every business owner or manager’s mind, it’s important to educate your team about things outside of the scope of their role. For example, providing your employees with life skills and tips to help them take advantage of a dedicated resource like their superannuation. Although long-term full-time workers may […]

For the most part, people are very good at picking up on the verbal and visual clues that indicate another’s mood. For those in customer-facing positions –  whether it is over the telephone, via digital communication or face to face –  dealing with clients who aren’t entirely sure what they want is often unavoidable. Fortunately, there are a number of tell-tale […]

Businesses with 19 or fewer employees have less than two weeks to transition to SuperStream – the new, mandatory electronic standard for paying superannuation contributions.    “The Australian Taxation Office (ATO) is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure […]

Are you still paying your employees’ super contributions manually via cheque, EFT or BPAY directly to funds? If so, it’s likely you aren’t compliant with the new, compulsory standard for paying super – SuperStream. As part of SuperStream, you need to pay and report your employees’ superannuation contributions electronically; allowing payments to be tracked and […]

Small to medium business owners are diligent when it comes to meeting their superannuation obligations to staff but growing their personal super is ‘not top of mind’, according to Tim Reed, CEO of cloud accounting provider MYOB. He told Dynamic Business that government and big business must play a role in eliminating barriers to owners making super contributions.  […]

What if we could start putting superannuation to better use? The internet has changed the way we view and treat money. Paypal pioneered the idea of sharing money online, while services like ApplePay allow consumers to ditch their wallets for good. Yet when it comes to superannuation, we may be leaving some benefits on the table. […]

The top 1 per cent of Australia’s high incomes couples set for retirement in 2055 will be receiving over $5 million in government assistance, according to estimates revealed by Industry Super Australia (ISA).

In its submission to the Tax Review, Industry Super Australia has forecast that close to 50 per cent of Aussies retiring from now to 2055 will not have the income necessary for a comfortable retirement.

Australian firms need to ensure payroll systems are up-to-date and supported by providers ahead of looming SuperStream deadlines.

Industry Super Australia is calling for banks to be penalised for offering business banking deals aiming to see employers switch their employees’ superannuation contribution to bank-owned funds.