Retirees who draw an account-based pension from their super need to be aware that the 50% reduction in the minimum pension drawdown rate which applied for previous years will no long apply from 1 July 2023.
Payday super is the term coined from an announcement made by the government. From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary.
The government has warned that as tax time draws closer, the chance of being targeted by tax scammers increases.
The ATO is encouraging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of lodgement amnesty that will run until 31 December 2023.
Client Portal
