Superannuation

I’ve worked really hard and things are taken care of…or are they?

You’ve worked really hard for a long time, made big sacrifices…family time, early mornings, late nights, taken risks and it has paid off. Time for you to enjoy the fruit of your labour that has been made possible by your sacrifices.
 
Unexpectedly something comes out of the woodwork and you find yourself in a legal battle. You didn’t expect this and suddenly everything you’ve worked so hard for could be gone. Have you done everything you can to protect your assets?

Budget Super Changes passed into Law

After months of uncertainty, the Senate has passed the Federal Government's superannuation reform package. The initial proposal from the May 2016 Federal Budget has seen significant amendments. Much of the change has a commencement date of 1 July 2017 and generally speaking, the superannuation environment will be more restrictive after July 2017. This provides superannuation fund members with a seven-month window to take advantage of the existing provisions and best position their superannuation assets to provide maximum benefits into the future. The opportunity is significant and the time to act is now.

Transitional Provisions for SMSFs

The Government will apply transitional arrangements to SMSFs affected by the retrospective aspects of the Federal Budget’s proposal to limit non-concessional contributions. In the 2016-17 Federal Budget, the introduction of a lifetime cap of $500,000 on non-concessional superannuation contributions, including contributions since 2007, was announced. 

Avoiding SMSF Disputes

Self-managed super funds (SMSFs) can be vulnerable to disputes, especially when family members are involved.
 
If left unresolved, disputes surrounding SMSFs can result in a hefty bill. SMSF disputes may be caused by various relationship breakdowns, for example, those funds with parents and siblings as members and trustees, or in cases where there is simply a clear difference of opinion.

Revisiting super basics for employers

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business.

However, those who fail to meet their super obligations risk facing severe and even damaging liabilities.
Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)