General Super News and Information

Superannuation Category In this area we keep all of the general information about superannuation and SMSFs, along with details of important super updates and changes.

Departing Australia superannuation payment (DASP)

Every year, temporary residents who worked in Australia leave behind millions of dollars in superannuation. Whether they’ve been slogging away behind a backpacker’s bar in Coogee for six months, or decided to quit their job, sell the car and move to Peru, their employer has been putting money aside for superannuation. Among sorting out all […]

Your ‘lost’ super could be costing you money

A recent report from the Federal Treasury said there were around six million “lost” superannuation accounts holding a total of about $18 billion as at mid 2014. This figure represents roughly one in five of every superannuation account. A lot of working Australians may not even know that there could be super money out there […]

Super contributions and problems of excess

The treatment of excess superannuation contributions has been a contentious issue for some years, with many people falling victim to the punishing excess contributions tax through inadvertently going over the limits. The reasons this can happen include an employer making contributions that may fall within a different financial year, expense reimbursement or debt forgiveness which […]

What are “ordinary time earnings” for calculating the super guarantee?

The Tax Office stipulates that a business must use “ordinary time earnings” to calculate the minimum compulsory superannuation guarantee contributions for employees. It says that using ordinary time earnings will ensure all eligible workers are treated the same, and will have a fair amount of super guarantee put away. But what exactly is “ordinary time […]

Misplaced retirement savings

Did you know that on average, Australians have about three superannuation accounts, and often have no knowledge of where superannuation accounts started years ago are located? According to research conducted by The Financial Services Council and investment management technology provider DST Global Solutions, one in three superannuation accounts contain a balance of less than $1,000 […]

Get up-to-date with the July 1 super changes

To help you keep abreast with the latest changes, we have compiled a guide to which reforms did and did not make it as of July 1, 2013 – including ones that affect self-managed superannuation funds (SMSFs). What made it? 1) SMSF supervisory levy rise The supervisory levy increased from $191 in 2012-13 to $259 […]

Tips to Avoid Paying Excess Contributions Tax

No one wants to pay more tax than required, especially when it is due to inadvertent mistakes that could have easily been avoided. This can occur when it comes to making super contributions that exceed contribution caps. The ATO takes a hard line on excess contributions – whether they are concessional (pre-tax) or non-concessional (after-tax) […]

Same-sex couples’ superannuation rights explained

The debate over same sex marriage in our Federal Parliament last year did not result in a change in the current status of same-sex unions. This does not mean, however, that same-sex couples have no recognition in existing law. Same-sex couples are treated as equitably as heterosexual couples when it comes to superannuation. This became […]

Superannuation and relationship breakdown

Gone are the times of matrimonial longevity. Instances of relationship breakdowns are far from uncommon, with the Australian Bureau of Statistics indicating that as many as one in three marriages end in divorce. The division of assets is among the key issues needing to be addressed whenever a relationship breaks down, with superannuation one of […]

Find Your Lost Super

There are billions of dollars of superannuation savings sitting unclaimed – some of it could belong to you! The amount of lost or unclaimed super in Australia has topped $17 billion.  There are some ways of finding out if you have some claim to a part of this gigantic pool of cash. Super is considered […]