by Financially Sorted | May 30, 2024 | Business, Small Business, SMSF, Superannuation
A major update to the small business superannuation clearing house (SBSCH) was introduced on 15 March 2024 that potentially impacts businesses being able to make superannuation guarantee contributions into SMSFs. SMSFs must have their bank account registered with the...
by Financially Sorted | Apr 1, 2024 | SMSF, Superannuation
How much will you and your family need in retirement? Although the projected growth in the pool of superannuation savings is certainly heading in the right direction, the harsh reality facing those not far off retirement is that they will have nowhere near enough to...
by Financially Sorted | Mar 1, 2024 | Superannuation
The government has announced that contribution caps will increase with effect from 1 July 2024 as follows: Concessional Contributions from $27,000 to $30,000 Non-Concessional Contributions from $110,000 to $120,000 This is a good time to revisit your super strategies...
by Financially Sorted | Oct 30, 2023 | ATO, Superannuation
Be careful – STP 2 and more sophisticated software enables the Australia Tax Office to monitor payments, month by month, & quarter by quarter. The ATO has now begun proactive action against employers who fail to pay super guarantee (SG) payments on time or...
by Financially Sorted | Oct 1, 2023 | SMSF, Superannuation, Tax Returns
Are you looking for ways to increase your retirement savings and reduce your tax? If so then, you are in luck. There are several ways you can contribute to your super, depending on your personal circumstances. Here is one way you can grow your super and access tax...
by kirstyb | Aug 7, 2023 | Superannuation
What are the Superannuation contribution Levels for 1 July 2023? The contribution levels for superannuation in Australia are subject to annual caps and limits set by the Australian Taxation Office (ATO). These contribution limits apply to both concessional...