Introduction This article is the first part in a series that covers the key aspects of super contributions. To grow your super with contributions and derive maximum benefits, it is important to understand the opportunities and traps involved. A robust contribution strategy should consider, among other things, the technical rules, contribution caps and the treatment [read more]
The Payday Super (PDS) regime requires employers to pay superannuation guarantee (SG) contributions at the same time as they pay salary and wages from 1 July 2026. Further, these SG contributions must be received by the relevant superannuation fund within 7-business days. This article focuses on the key risks and considerations for employers who make [read more]
The ATO’s Practical Compliance Guideline, PCG 2026/1 – Payday Super: first year ATO compliance approach (the PCG) provides no real comfort for employers who do not comply with the strict provisions and time frames of the law. A legislative transitioning rule is needed that provides legal protection to employer’s. The ATO acknowledges in the PCG [read more]
From 1 July 2026, the Payday Super regime will be in effect and will require employers to pay superannuation guarantee (SG) contributions at the same time as they pay salary/wages (Payday Super). Payday Super replaces the current requirement to pay SG quarterly where employers have had 28 days from the end of each quarter to [read more]
This article is by Robyn Jacobson We are pleased to offer this second detailed article on Payday Superannuation, prepared by Robyn Jacobson, Tax Advocate and Specialist, Chartered Tax Adviser of The Tax Institute, and a Fellow of both CA ANZ and CPA Australia. Robyn has over 30 years as a tax professional, trainer and advocate on [read more]
This article is by Robyn Jacobson We are pleased to offer this detailed article on Payday Superannuation, prepared by Robyn Jacobson, Tax Advocate and Specialist, Chartered Tax Adviser of The Tax Institute, and a Fellow of both CA ANZ and CPA Australia. Robyn has over 30 years as a tax professional, trainer and advocate on [read more]
Introduction The proportioning rule provides that the tax free and taxable components of a superannuation benefit are deemed to be paid in the same proportion as the tax free and taxable components of the member’s superannuation interest. This rule is contained in s 307-125 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997). This [read more]
The trustees of self managed superannuation funds (SMSFs) must be aware of the non-arm’s length income (NALI) provisions and how they interact with other areas of tax and superannuation law. Part 4 of this series considers NALI interactions with contributions and the capital gains tax (CGT) provisions. Contributions and NALI Despite the recent changes to [read more]
The ATO estimates that around $5.2 billion in superannuation guarantee (SG) contributions for the FY2021–22 was not paid on time. This is a major reason why the government wants to introduce Payday Super (PDS). Thus, on 14 March 2025, the draft legislation to introduce the PDS regime, due to commence from 1 July 2026, was released [read more]
Earlier this month, the ATO released data in a report titled ‘Self-managed super funds: A statistical overview 2022–23’ (Report). The Report shows that SMSFs continue to grow and there are many interesting statistics that can be seen. We outline some here. SMSF key numbers As at 30 June 2024: There were over 625,000 SMSFs, an increase [read more]
