The budget handed down by the government in May announced proposed changes that will effect superannuation. The major aspects of change are as follows: Lifetime cap for after tax contributions You can currently make up to three year’s worth of after-tax (non-concessional) contributions in a single year ($540,000) under the current rules. If using the […]
SuperStream is the ATO’s electronic and standardised reporting of the superannuation payment process, which allows employers to use one online channel to make employer contributions to multiple superannuation funds. The deadline for compliance with SuperStream requirements was 30 June 2016. However, the ATO is allowing some ‘compliance flexibility’ to small businesses (19 or fewer employees) […]
The 2016-17 Federal Budget announcements on superannuation have caused a lot of concern. These include: A $500,000 lifetime non-concessional contributions cap from Budget night A reduction in concessional contribution cap from 1 July 2017 The removal of the tax exemption on earnings supporting transition to retirement income streams (TRIS) from 1 July 2017 The extension […]