Business owners: Ready to ride the SuperStream?

If you're still paying your employees' super with bank transfers (or worse still, cheques), then you need to change the way you do things-and fast.

Businesses making super contributions for 20 or more employees had to start making those payments online from 31 October 2015. And any business with fewer than 20 employees have to do the same from 30 June 2016.

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7 ways to get more money into your super fund

Have you been doing the numbers and panicking a little recently?

If your super fund is a little 'light' as you start to think ahead to your golden years, you're not alone.

Millions of Australians are reviewing their retirement plans. We have been taught to believe that the money that flows into our super fund (equivalent to 9.5 per cent of our salaries) will look after us when we retire.

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Sound Too Good to be True?

Usually we would agree that if things sound too good to be true they are; BUT the government co-contribution scheme still exists and they will pay you up to $500 for your $1,000 contribution and by our maths that's a 50% return. Here's how it works:

The Government superannuation co-contribution scheme matches part or all off your after tax superannuation contributions helping you to save for your retirement. If you are eligible for the super co-contribution payment the government will match your contributions at a rate of 50% up to a maximum of $500.

But Wait There's More - The 50% return is even TAX FREE to you!

There are eligibility requirements and an income threshold as follows:

  • You must have made a voluntary after-tax contribution to your superannuation fund; and
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Federal Budget 2016

Cruel and Nasty? Perhaps not but a Bit of a Let Down for an Election Year!

While I don't quite share this fellow's view of Scott Morrison or his budget, this one really was a bit of a let down. The biggest announcements and elector bribes are perhaps yet to come and no doubt we will hear more about those in the coming weeks as the election campaigning starts in earnest.

My biggest concern is for the changes to superannuation and how they might affect existing tax planning strategies immediately.

If you have a superannuation contribution strategy as part of your overall retirement and tax planning strategy then you MUST RECONSIDER YOUR STRATEGY to make sure you don't fall foul of the announcements made last Tuesday.

So What Does the Budget Really Mean for You?

We have summarised the key announcements below and have provided links to a more detailed commentary on each.


The small business turnover threshold is to be increased. This means more businesses will be entitled to access the small business tax concessions. These can be valuable concessions so we think this is a good thing. 

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12.5 Billion Dollars in Lost Super - Is it Yours?

A Staggering $12.5 Billion Dollars is Sitting in Lost Super - Is Some of it Yours?

I regularly talk to clients about their superannuation and it amazes me that so many people have lost track of their super accounts over the years (me included!!!). In February this year the ATO advised a staggering lost super total of $12.5 billion from 1.2 million lost accounts. That's an average balance of every lost super account of nearly $10,000.

Here is a brief summary by state:

NSW - 405,079 lost accounts $4,213 million

Vic - 264,330 lost accounts for $2,736 million

Qld - 274,790 lost accounts for $2,722 million

WA - 207,075 lost accounts for $1,518 million

SA - 72,238 lost accounts for $680 million

ACT - 22,270 lost accounts for $248 million

NT - 23,819 lost accounts for $208 million

Tas -  22,160 lost accounts for $198 million

Even if you think you have all your super accounts it is worth taking 1 minute to do a check (CLICK HERE for the Quick Super Check). You will need your Tax File Number, Full Name, and Date of Birth. Simply click on the link above to go to the search page, enter your details and wait for the result.

For more information on how to better manage your super, to review your insurances, or develop a proactive superannuation strategy just give our office a call on (07) 54391600 or CLICK HERE to make an appointment with one of our friendly team.

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