A reminder to all business owners, the next super guarantee payment is due 28 October. This payment is for superannuation accrued by employees in the July – September quarter.
Nearly 40% of Australians believe they will not have enough funds to retire comfortably. With pressures due to cost of living increases, it is likely we will see this number continue to grow.
The federal government announced two significant measures regarding superannuation as part of the 2023-24 Federal Budget. Whilst these measures will not come into effect for several years, it is important to be aware to avoid any penalties once the measures commence.
Now that borders have fully re-opened, we are seeing a significant increase in business travel. With increased travel, comes increased expenses people may be looking to claim.
The most recent Employer Quarterly Super Contribution was due to be paid on 28 January 2023. Employees will be checking to ensure their employer has paid super by this date as missing or late superannuation payments can have a significant impact on the long term growth of one’s super balance.
As mentioned in previous editions of Armada Insights, the ATO has ramped up its debt collection activities by issuing Director Penalty Notices for outstanding debts.
Super funds have seen a significant downturn in the last month, with the worst negative returns since the Global Financial Crisis.
As we enter the new financial year, several new tax changes will be coming into effect as of 1 July 2022