Search results for: “Taxation”
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Australian Taxation Office (ATO)
The ATO plays a crucial role in your retirement planning journey in Australia. Here’s a breakdown of key aspects to consider: Superannuation and Tax Benefits: Tax Concessions for Downsizers: Tax Filing During Retirement: Resources from the ATO: The ATO website offers a wealth of information on these topics: Important Notes: By understanding the ATO’s role…
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What is the role of the Australian Taxation Office (ATO) in managing superannuation?
The ATO acts as the primary regulator for superannuation in Australia. They work alongside the Treasury to administer and implement superannuation legislation. This includes: 2. Empowering Individuals: The ATO recognizes that individuals are central to the success of superannuation. They offer a range of resources and tools to help Australians understand and manage their super:…
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Superannuation Sector Urges Policy Fixes Post Budget Announcement
The superannuation sector is calling for policy adjustments following the recent budget announcement, highlighting perceived gaps in the government’s approach. While the budget maintained stability in super settings, industry voices suggest there are areas that require attention. The federal budget had limited emphasis on superannuation, with minimal references to the sector. Notably, superannuation tax receipts…
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What are the legal implications of accessing superannuation early?
Accessing superannuation early can have serious legal implications for individuals. Superannuation, also known as super, is a way of saving for retirement in Australia. It is a compulsory system where employers are required to contribute a percentage of an employee’s earnings into a super fund. While super is designed to provide financial security in retirement,…
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Aussies Warned of Supercharged Property Market Price Hike: Up $92,500
A recent study has raised concerns over the potential impact of allowing first-home buyers in Australia to access their superannuation funds for house deposits. The research, conducted by University of South Australia’s Professor Chris Leishman on behalf of the Super Members Council, indicates that this move could lead to a significant surge in property prices.…
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Replenishing Super: Experts Weigh In on Early Withdrawal Repayment
During the COVID-19 pandemic, millions of Australians resorted to tapping into their superannuation funds for financial relief. The Australian Taxation Office data revealed that 3.05 million individuals withdrew a total of $37.8 billion from their superannuation accounts in 2020 under the government’s early release scheme, allowing withdrawals of up to $20,000. This move raised questions…
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How to claim unpaid superannuation through the ATO
Unpaid superannuation is a serious issue that many employees face in Australia. Employers are required by law to contribute a percentage of their employees’ earnings into a Superannuation Fund to help them save for retirement. However, some employers fail to make these contributions, leaving their employees short-changed when it comes to their retirement savings. If…
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What to do if you find unpaid superannuation from a past employer
Finding out that a past employer has not paid your superannuation can be a frustrating and concerning situation. Superannuation is a crucial part of ensuring financial security in retirement, and any missed payments can have a significant impact on your future savings. If you find yourself in this situation, it’s important to take action promptly…
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What are your rights if your employer fails to pay your super?
Employers failing to pay their employees’ superannuation is unfortunately a common issue that many workers face. Superannuation, often referred to as super, is money set aside by employers to provide financial security for their employees in retirement. It is a mandatory contribution in many countries, including Australia, where employers are required by law to pay…
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How to check if your employer is paying the correct superannuation amount
Superannuation is a crucial aspect of financial planning for many working individuals. It is a system where employers in Australia are required to contribute a percentage of their employees’ earnings to a superannuation fund, which is then invested for the employee’s retirement. However, there are instances where employers may not be paying the correct amount…