There is much to know about Superannuation and the following is provided to get you started.
Review your Concessional Contributions (CC) option and new rules:
The Government changed the contribution rates from 1 July 2020 to extend the ability to make contributions from age 65 up to age 67.
Maximise contributions up to CC cap of $27,500 per annum. Be careful not to exceed your limit if your Total Super Balance exceeds $500,000.
It's important to look after your Super!
Need help contact Blackburn Accounting we will answer your queries and sort out any problems.
Checklist for Employers – Superannuation obligations:
As an Employer part of your obligations is to pay Super Guarantee (SG).
Paying your Employees the right amount of Super,have you determined,
- which employees are eligible for super contributions?
- are any contractors eligible for super contributions?
- what payments are considered ordinary time earnings?
- should you apply for a certificate of coverage for employees you are sending overseas?
Have questions, need to know more, if you are a Business owner Blackburn Accounting is available to provide professional advice. We offer a broad range of services including personal, Family Business Management, Cashflow Management and Business Development.
The ATO website also provides information.