RSS

Government extends SuperStream deadline

Government extends SuperStream deadline

4 June 2014

Acting Assistant Treasurer, Senator Mathias Cormann has announced that superannuation funds will have up to 1 July 2015 to meet the new SuperStream data standards. 

SuperStream is a government reform aimed at improving the efficiency of the superannuation system. 

Employers will be obliged to make super contributions such as super guarantee and salary sacrifice on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.

Read more >

New Penalty Regime for SMSFs from 1 July 2014

New Penalty Regime for SMSFs from 1 July 2014

4 June 2014

A new penalty regime for self-managed super fund (SMSF) trustees comes into effect from 1 July 2014 which gives the Australian Taxation Office (ATO) more power and flexibility to impose effective sanctions for SMSF related contraventions.

Currently the ATO has limited choices to sanction a SMSF or its trustees but from 1 July 2014 the expanded penalty regime goes some way to rectify this by allowing the ATO to:

  • Issue rectification and education directives to trustees of SMSF; and
  • Impose an administrative penalty regime for trustees for certain contraventions of the SIS Act (Superannuation Industry (Supervision) Act 1993 - the superannuation legislation and the statutory bible for all superannuation funds).

Read more >

Superannuation Guarantee to rise to 9.5% from 1 July

Superannuation Guarantee to rise to 9.5% from 1 July

4 June 2014

In the 2014 Budget the Government announced its intention to change the time-frame for increasing the superannuation guarantee rate to 12% due to the uncertainty over the repeal of the Mineral Resources Rent Tax.

Superannuation guarantee (SG) is the official term for compulsory superannuation contributions made by employers on behalf of their employees.

The SG rate will increase to 9.5% effective 1 July 2014, as previously legislated.

Read more >

2014 FEDERAL BUDGET | The path back to sustainability

2014 FEDERAL BUDGET | The path back to sustainability

14 May 2014


Federal Treasurer, Joe Hockey, last night delivered the Coalition Government’s first Budget and unsurprisingly there were not many surprises.  As has been the trend over past years much of the detail had been leaked prior to budget night.

The 2014-15 Budget focuses on the expenditure side for the longer term and includes two main revenue raising measures to address the forecast budget deficits, reducing the 2014-15 cash deficit to $29.8 billion, down by approximately $20 billion from the current $49.9 billion.

The Government has flagged expenditure savings in areas including foreign aid, education loan programs, and family and welfare benefits whilst increasing revenue through the reintroduction of the fuel excise indexation and a 2% increase in the highest marginal personal tax rate for a three year period through the introduction of a “Temporary Budget Repair Levy”.

Read more >

Face up to aged care changes or face higher costs

Face up to aged care changes or face higher costs

17 March 2014

Major reforms to the aged care system will take effect from 1 July 2014.  The financing arrangements for those entering aged care on or after this date have been revised, although those who enter before that date will continue under their existing arrangements. 

A very informative article by Alex Denham on 21 February 2014 was published on www.cuffelinks.com.au and has been reproduced below with permission by Boyce Financial Services (BFS). 

Read more >

Pages: << First < Previous ... 4 5 6 7 8 ... Next > Last >>