Posts Tagged "superannuation"
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Changes Ahead: Payday Super is Coming!
Posted on April 16th, 2025 by WLF
Starting 1 July 2026, Australian businesses will experience a significant shift in how they manage their employees’ superannuation guarantee obligations.
The new Payday Super system will require employers to deposit superannuation payments guarantees within seven days of each payday, replacing the current quarterly contribution schedule.
This change is designed to benefit employees by ensuring their super contributions are more promptly deposited. However, it also introduces new operational and financial considerations for businesses.
What is Payday … -
Significant changes to superannuation in 2016-17 Federal Budget
Posted on July 7th, 2016 by WLFA reduction in concessional contribution caps, the lowering of the Division 293 tax threshold, capping tax-free assets in retirement and a lifetime limit for non-concessional contributions are just some of the changes that were in the Budget announcements this year to impact superannuation. These changes may impact your SMSF and retirement planning and require you to reassess your existing strategies or contemplate new ones.
The key changes proposed for superannuation:
1. Introducing a lifetime cap for non-concessional contributions
The Government is proposing to in… -
SuperStream Superannuation Reporting and Payments
Posted on April 7th, 2016 by WLFSuperStream is a compulsory Federal Government initiative that standardises the way employers will pay super contributions, and provide information about those contributions.
Under SuperStream employers will be required to report employees’ contributions electronically to the funds and pay those contributions electronically through the banking system.
This means that payment by cheque and advising contributions on paper forms will be phased out.
The start date for meeting the SuperStream requirements for small employers (19 or fewer employ…