Super “Opt Out” Choice For High Earners

Are you a medical professional or company director hired by multiple organisations who make compulsory super guarantee (SG) contributions on your behalf? Or perhaps you’re simply a high-income professional with an extra employment arrangement on the side, like a university teaching gig or consulting arrangement? If you have more than one “employer” for super purposes, you […]

ATO provides voluntary disclosure update

The ATO has encouraged SMSFs and their auditors to voluntarily disclose contraventions of superannuation law to avoid administrative penalties, stating that over 900 funds have used its voluntary disclosure service in the past three years.  In an update published on Monday, the ATO said trustees should work with auditors and other professionals to rectify a […]

Tax Time 2019: Your Payment Summary Is Changing

If you’re an employee, there are a few things you need to know this tax time about the ATO’s new “Single Touch Payroll” (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and superannuation contributions to the ATO electronically every time they pay their employees. You’ve probably still been receiving […]

Why didn’t my SMSF auditor check that?

SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS legislation that dictate the extent of the […]