Subsidies and Grants from the Government. For business owners – if you have hired new staff in the last 16 weeks or increased hours for the current workers, your business may be eligible for up to $20,000 subsidies. For employees, the Fund facilitates: • Employment opportunities for people most affected by the pandemic, particularly women… Continue reading Subsidies and Grants from the Government.
Category: Super
First Home Super Saver Scheme $50k
First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 On 11 May 2021, as part of the 2021–22 Federal Budget, the Australian Government announced it will make changes to the First Home Super Saver (FHSS) scheme to increase the contributions that can be counted towards the maximum releasable amount to $50,000 and… Continue reading First Home Super Saver Scheme $50k
Super for contractors
Super for contractors If you pay contractors mainly for their labour, they are employees for superannuation guarantee (SG) purposes and you may need to pay super to a fund for them. It doesn’t matter if the contractor has an Australian business number (ABN). Super contributions for contractors Make super contributions for contractors if you pay… Continue reading Super for contractors
Super Contribution Caps
How much is the Super Concessional Contribution Cap from 1 July 2021? Contribution caps The contribution caps limit the amount that can be contributed for a member each financial year. The caps are indexed annually. Concessional contributions The most common types of concessional contributions are employer contributions, such as super guarantee and salary sacrifice contributions.… Continue reading Super Contribution Caps
Winding back of COVID-19 Disaster Payments
Winding back of COVID-19 Disaster Payments The Federal Government has announced that the COVID-19 Disaster Payment will begin to “transition” once a State or Territory reaches 70% full vaccination of its population (16 years and older) in line with the movement into Phase B of the National Plan. Once a State or Territory reaches 70% full vaccination,… Continue reading Winding back of COVID-19 Disaster Payments
How to grow your super faster?
Did you know you can grow your super faster? There are a number of ways you can grow your super to make a positive difference to your lifestyle in retirement. A salary sacrifice arrangement with your employer Making your own personal contributions Checking if you ‘re eligible for government contributions Salary sacrificing super Salary sacrifice… Continue reading How to grow your super faster?
How to early access to your super?
How to early access to your super? You can only have early access to your super in very limited circumstances! Take note some promoters claim to offer early access to your super by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you get involved!! Access on… Continue reading How to early access to your super?
First Home Super Saver Scheme
How to save up faster for your first home? The first home super saver (FHSS) scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability. The FHSS scheme allows you to save money for your first home inside your super fund. This will help first home buyers… Continue reading First Home Super Saver Scheme