The new financial year is bringing with it some changes to the way employers will be required to pay their super guarantee contributions. We recommend that your payroll systems are updated to incorporate these changes.
If you withdrew money from your superannuation fund through the Covid-19 early release of super program, you can rebuild your super by making personal super contributions.
A plethora of superannuation law teaks has recently been made by the Government, via recently passed legislative reforms which include:
Removing the $450 threshold
Reducing the age for sizer contributions from 65 to 60
Removing the work test for people aged between 67 to 74
Insurance within super is usually the most cost-effective way for an individual to cover themselves in the event of a mishap. Income Protection covers you if you can’t work due to temporary disability or illness and most super funds provide this cover on an opt-out basis.
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