Superannuation & Deceased Will
On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will. Super paid after a person’s death is called a ‘super death benefit’. If the […]
Government Super Co-Contribution
The Government will pay (they call it co-contribute) into your superannuation for the 2021/22 financial year up to $500 if you contribute from you’re after tax monies a minimum of $1,000. That is, the Government will pay .50cents for every $1 you contribute. To earn the maximum $500 co-contribution, your taxable income will need to […]
ATO: Directors Tax & Super liability
As a company director you are responsible for ensuring that the company’s tax and super obligations are reported and paid on time. If your company does not pay certain liabilities by the due date, the ATO can recover these amounts from you personally as a current or former company director. What is a director penalty […]
ATO: Reporting COVID-19 re-contribution amounts
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without them counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type of contribution. They are a personal contribution that we will exclude from an individual’s non-concessional contribution cap. […]