Superannuation
What happens to your superannuation when you die?
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
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Divorce, Superannuation and the Gender Divide
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
Recruiting new employees? The 1 November superannuation rule changes
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
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Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive, etc.
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The 1 July 2021 superannuation changes
Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.
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Super Splitting With Your Spouse
Super splitting is important when one member of a couple has a much higher super balance. It is also beneficial for couples that have a large age gap between them. Also, people with relatively low superannuation amounts will benefit from the ability to split super contributions with their spouse.
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ATO Finds $850 Million In Superannuation Guarantee Audit
Small Business is hard enough without the temptation of having a weak government system chase a key employee obligation.
Superannuation Requirements For Temporary Residents
Most people are unaware that temporary residents working in Australia are eligible for super guarantee (SG). It is vital that all businesses who employ temporary residents are aware of the relevant super requirements.
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