Year-End Tax Planning – Superannuation

As we draw closer to 30 June 2024 it is important to consider tax planning strategies as well as other administrative duties for your money in superannuation.


Super Guarantee

Employers and employees should note that from 1 July 2024, the super guarantee rates increased from 11.00% to 11.50%…

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Cryptocurrency and SMSFs

As the rise of cryptocurrency continues, many trustees are wondering if their SMSF can invest in this popular asset class. Yes is the answer, however attention to detail is required. This asset class can be volatile, so the trustee should consider the sole purpose test and whether this investment meets their retirement needs. The sole purpose tests governs whether an investment or an action within an SMSF provides retirement benefits for its members. If cryptocurrency is to be considered an…

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Superannuation Guarantee Amnesty Re-introduced

The previously proposed Superannuation Guarantee (SG) Amnesty has been re-introduced into Parliament. Under the proposal, an employer will qualify if they disclose to the Australian Taxation Office (ATO) information which relates to their SG shortfall from 1 July 1992 – 1 January 2018, which was not previously disclosed. An employer has until 6 months after the bill receives Royal Assent to make disclosure to the ATO. Employers who are already being reviewed by the ATO for SG shortfall will be…

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