What is SuperStream? This is the way businesses must pay their employees superannuation guarantee contributions to super funds. The money and data are sent electronically in a standard format and this must be used by employers, self-managed superfunds and APRA-regulated funds. It transmits money and information...
The government made an announcement for some changes on superannuation during their meeting. Stated below are the list of changes to get a better understanding as to how it will impact every Australian. They intend to lift the age restrictions to contribute for superannuation. This is...
A software company Midwinter is having a partnership with Licensing for Accountants, an independent business providing accountants with software, tools, and resources to transition into licensed advice. Its goal is to add functionality and resources within its AdviceOS system to cater for both unlicensed accountants...
How does cash rate being established? The Reserve Bank of Australia (RBA) hold monthly meetings to establish the official cash rate. This is the main tool the RBA use to dictate the monetary policy and it determines the overnight cash rate relevant to loans between financial...
An industry lawyer has advised the self-managed superfund (SMSF) division to be wary in using digital signatures to sign trust deeds. They found out that some of the eastern states does not comply with the law and may render a non- complying super fund. The Townsend...
A minimum amount each financial year has to be withdrawn to get a tax exemption for the investment earnings on the fund assets financing the super pension. This applies as you start a superannuation account-based pension. Financial year is different from calendar year, it runs from...