Superannuation

Arabon Accountants superannuation balances above $3m

Draft legislation released for 15% on earnings for superannuation balances over $3m

Treasury has released draft legislation to enact the Federal Government’s plan to increase the tax rate on earnings on superannuation balances over $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to implementation.  The draft legislation seems to be …

Draft legislation released for 15% on earnings for superannuation balances over $3m Read More »

Arabon Accountants Federal Budget

Australian Federal Budget 2023/24: the wins for small business

On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget.  A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly …

Australian Federal Budget 2023/24: the wins for small business Read More »

Arabon Accountants superannuation downsizer contribution

What you need to know about superannuation downsizer contributions

A superannuation ‘downsizer contribution’ can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date, the age limit …

What you need to know about superannuation downsizer contributions Read More »

Arabon Accountants national minimum wage increase

Fair Work Commission announces 5.2% national minimum wage increase

The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase …

Fair Work Commission announces 5.2% national minimum wage increase Read More »

Arabon Accountants changes to superannuation

Two important changes to superannuation from 1 July 2022

Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay …

Two important changes to superannuation from 1 July 2022 Read More »

Arabon Accountants Federal Budget

Australian Federal Budget 2022/23: the wins for small business

The Federal Treasurer Josh Frydenberg handed down the 2022–23 Federal Budget on 29 March 2022. In an economy emerging from the pandemic, the Treasurer confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23.  As international uncertainties add pressure on the cost of living, key measures in the budget …

Australian Federal Budget 2022/23: the wins for small business Read More »

Arabon Accountants pay superannuation on time

The importance of paying superannuation on time

If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month.  If you use …

The importance of paying superannuation on time Read More »