Posts Tagged "superannuation"
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Government Announces Major Changes to Division 296 Superannuation Tax
Posted on October 13th, 2025 by James Watson
What’s changed
The Federal Government has announced a revised version of the proposed Division 296 superannuation tax. The amendments respond to widespread industry concerns about fairness, liquidity, and the inclusion of unrealised gains.
These changes are not yet law. Legislation will be introduced later in 2025 for parliamentary consideration.
Summary of key announcements
Measure
Original Proposal
Revised Position (13 Oct 2025)
Tax rate
Flat 15 % additional tax on earnings from super balances > $3 million
Two-t…
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Employer Superannuation Obligations: Key Dates and Deductibility
Posted on June 18th, 2025 by WLF
Written By Shiranga Mendis – Senior Accountant
As we approach the end of the year, it is crucial to stay on top of your superannuation obligations to ensure compliance and avoid penalties. Here is a simple guide to help you navigate the key aspects of superannuation for your employees.Superannuation Guarantee (SG) Contributions
As an employer, you are required to pay superannuation contributions for your eligible employees. These contributions, known as the Superannuation Guarantee (SG), are currently set at 11.5% of an employee’s … -
Superannuation Shake-Up: Navigating the Division 296 Tax
Posted on May 29th, 2025 by WLF
Written By James Watson – CA SMSF Specialist
📌 What Is Division 296?
The Australian Government is proposing introducing a new tax measure—Division 296—as part of its efforts to make superannuation concessions more equitable. This legislation targets individuals with superannuation balances exceeding $3 million, and it’s set to take effect in the next financial year, the first testing point for the proposed tax will be 30 June 2026.
💼 Who Will Be Affected
If your total superannuation balance (TSB) exceeds $3 million at the en… -
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…