Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to 12%. This…
Have you had a superannuation account opened on your behalf by an employer before November 2021, in which employer contributions were made, that is not your main superannuation fund? Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one…
Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising. Millennials and Gen Y represent the fastest-growing segment of newly created SMSF…
During the onset of the pandemic in 2020, many Australians took advantage of the early access to their super that was a part of the financial support options offered by the government during COVID-19, and withdrew amounts to assist themselves. If individuals and sole traders had suffered financial hardship of at least 20 per cent…
