Our Recent Blogs

Illegal Early Access to Super
Debbie Grace Debbie Grace

Illegal Early Access to Super

Faced with tough times, some people may be thinking about accessing their super early.

Taxpayers may have been approached by someone (a 'promoter') claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday.

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Different meanings of ‘dependant’ for super & tax purposes.
Debbie Grace Debbie Grace

Different meanings of ‘dependant’ for super & tax purposes.

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.

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Reallocation of excess concessional contributions denied.
Debbie Grace Debbie Grace

Reallocation of excess concessional contributions denied.

The AAT has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year.

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New 15% super tax to apply from 1 July 2025.
Debbie Grace Debbie Grace

New 15% super tax to apply from 1 July 2025.

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025.

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Employee v Contractor.
Debbie Grace Debbie Grace

Employee v Contractor.

The ATO is allocating compliance resources to worker classification arrangements and have released draft Guideline PCG 2022/D5 to assist when classifying workers as employees or independent contractors. It also outlines the risk framework to assist in a self-assessing the likelihood of ATO Compliance action.

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Downsizer contributions age changes from 1 July 2022.
Debbie Grace Debbie Grace

Downsizer contributions age changes from 1 July 2022.

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 at the time of making their contribution.

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Reminder: Stapled Super Fund Requests now live.
Debbie Grace Debbie Grace

Reminder: Stapled Super Fund Requests now live.

From November 1, 2021 the ATO’s Stapled Superannuation Fund Request initiative became live. Which means if you have employed staff since this date and they have not nominated a super fund, you will need to request your employee’s stapled super fund via ATO Online Services.

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