From 1 July 2026, a new tax (Division 296) will be introduced to reduce concessional tax rates on superannuation earnings above $3 million. But how does Division 296 work, and are you affected? What is Division 296? Currently, income earned on superannuation balances is generally taxed at a headline rate of up to 15%. However, […]
28
Apr
Apr
On 1 July 2026, the Small Business Superannuation Clearing House (SBSCH) will close permanently as part of the Payday Super reforms. With only a few months left, employers still using the SBSCH need to find an alternative option, and soon. Don’t wait until the last minute If you currently pay your superannuation quarterly, the Australian […]
31
Mar
Mar
From 1 July 2026, the way you pay your employees’ super is changing. Instead of making quarterly super payments to your employees’ funds, contributions will essentially need to be paid at the same time as salary and wages. ‘Payday Super’ marks a significant change for employers. To make sure your business isn’t caught out, make […]
10
Nov
Nov
On 6 November 2025, two bills amending the Superannuation Guarantee (Administration) Act 1992 (SGA Act) and Superannuation Guarantee Charge Act 1992 (SGC Act) to reform the superannuation guarantee (SG) framework, received parliamentary approval to become law. Many businesses end up falling behind on their SG payments, and this measure essentially becomes a compliance check for […]
30
Oct
Oct
Treasurer Jim Chalmers has announced several key adjustments to the Government’s proposed Division 296 tax, following extensive consultation and feedback from the superannuation industry. These changes aim to deliver a fairer, more practical approach to taxing earnings on super balances above $3 million. 1. Start Date Deferred to 1 July 2026 The commencement date for Division […]
02
Sep
Sep
As part of the 2023-24 Federal Budget, the federal government announced “Payday Super”, which will require you to make superannuation guarantee (SG) payments for your employees at the same time as their salary and wages. Many businesses end up falling behind on their SG payments, and this measure essentially becomes a compliance check for the […]
19
May
May
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super […]
16
May
May
As the end of the financial year approaches, taking proactive steps in your tax planning is essential to optimise your position and potentially minimise your tax liabilities. Here are some key strategies for small businesses to consider as we head towards 30 June: Income Management: Consider Deferring Invoicing: Where legally possible and subject to the […]
22
Aug
Aug
Opting for a self-managed superannuation fund (SMSF) may give you more control over your investment strategy and allow you to be more agile as a fund in the market. But are you fully aware of the governance and compliance responsibilities of running an SMSF? Let’s take a look at the main areas you should be […]
22
Nov
Nov
Under the super guarantee law you must pay super contributions into a complying super fund or retirement savings account by the due date. The due date for superannuation payments is the 28th day after the end of the quarter. If this falls on a weekend or public holiday you can make the payment on the next business day.