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superannuation
Super Guarantee Amnesty – What does it mean for your business?
June 18th, 2018Do you think you may have outstanding Superannuation contributions owing on behalf of your employees? If so, read on – you may well have a chance to rectify the issues whilst avoiding late payment penalties. What are the details? The Australian Taxation Office (ATO) has estimated that $2.85 billion is currently owed in late orread more
First Home Buyers’ Super Deposit Opportunity
March 21st, 2018A major roadblock for people trying to get into their first home is saving up a sizeable deposit, however legislation has recently passed that will enable eligible first home buyers to save for their deposit through the First Home Super Saver Scheme (FHSSS). The scheme aims to help participants accumulate a larger deposit when comparedread more
Super Downsizer Contributions
February 20th, 2018Wouldn’t we all like to have more in our superannuation fund when it comes time to retire? Making extra contributions is one way to do that, however doing so is not always easy and it can see our extra savings locked away for a number of years until retirement. How then, are we able toread more
Upcoming Audit Focus Areas for the ATO
January 15th, 2018When it comes to industries or areas of particular interest, The Australian Taxation Office (ATO) is relatively transparent about changes or increases in audit activity. Similarly, the media tends to have its finger on the button to report any news of this sort to the public. There are a few key areas which can expectread more
Super Guarantee – What Happens When You Get It Wrong
August 29th, 2017The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant withread more
2017/2018 Federal Budget
May 10th, 2017Last 9 May 2017, Federal Treasurer, Mr Scott Morrison, handed down the 2017/2018 Federal Budget. Whilst housing affordability is the budget’s centrepiece, there are significant measures affecting both individual taxpayers and businesses. McKinley Plowman is pleased to present the MP+ 2017/2018 Budget Update. This update provides insight on the proposed tax and superannuation changes whichread more
5 super changes – and how to prepare for them
April 18th, 2017The countdown to super reform has begun, with new rules set to take effect from 1 July. If you haven’t thought about how your super might be impacted by the changes, now’s the time to get ready. In last year’s Federal Budget, the government proposed a wide range of reforms to Australia’s superannuation system, theread more
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