Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form...
Superannuation is changing again, but this time it’s for everyone’s benefit. The ATO is inching closer to real-time reporting, and SMSF trustees need to adapt to this latest move in the ATO’s regulatory duties. Real time reporting, similar in concept to single touch payroll, is the push for integrity and accuracy throughout the superannuation system....
$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. This now applies to assets...