Australian Superannuation
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs. It ranks the performance of these products by fees and net returns. Each year, the Australian Prudential Regulation Authority (‘APRA’) assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated […]
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The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to receive superannuation support. This was on […]
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The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do not pay an employee’s superannuation guarantee amount on time […]
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From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older […]
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As the new financial year approaches, employers need to be aware of two important super changes. From 1 July 2022, employees can be eligible for super guarantee (‘SG’), regardless of how much they earn, because the $450 per month eligibility threshold for when SG is paid has been removed. Employers only need to pay super […]
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Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Individuals can make COVID-19 re-contribution amounts to any fund of their choice where the funds’ rules allow. COVID-19 […]
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