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Staying ‘super’ compliant

Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can see them facing hefty penalties.

Employees are entitled to superannuation if they are paid $450 or more before tax in a calendar month, this is known as the super guarantee (SG).

To remain complaint, employers must pay SG quarterly using SuperStream. Not paying on time or not paying the right amount may mean you need to pay the super guarantee charge (SGC) and you cannot claim a tax deduction for super payments.

Additionally, employers must report and rectify missed, late or underpaid SG contributions by lodging an SGC statement by the due date.

The ATO reminds employers who are able but unwilling to meet their obligations that they are breaking the law. Firm compliance action is taken for employers who:

– Repeatedly fail to pay the correct amount of SG
– Attempt to obstruct the ATO’s ability to determine an SGC liability
– Repeatedly fail to keep appointments
– Repeatedly fail to supply information that is irrelevant, inadequate or misleading
– Engage in any culpable behaviour to delay the provision of information.

The compliance history of an employer will determine the action of the ATO and the penalties to be applied.

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Basics of SMSF investing

January 21, 2021

Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult.

Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.

In an SMSF fund, your investment options are:

Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority.

Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF.