“Compound interest is the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it.” ― Albert Einstein Almost every savvy small business owner has heard about the magic of compound interest. And most understand its power – the way that a small, regular investment picks up speed… Read more »
When you’re self-employed, dealing with your superannuation often drops to the bottom of your to-do list. As a result, self-employed Australians are reaching retirement with 50 per cent less super than everyone else. Fortunately, there are some simple steps you can take to get your retirement savings on track, writes Peter Stanhope, co-founder at GigSuper.… Read more »
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell is reminding small businesses they have until September 7, 2020, to declare any errors in superannuation payments to staff, without facing harsh penalties. “This applies to the superannuation guarantee amnesty legislation passed from 1 July 1992 to 31 March 2018,” Ms Carnell says. “Small businesses… Read more »
CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), SMSF Association (SMSFA), Financial Planning Association (FPA) and Institute of Public Accountants (IPA) have joined forces to ensure Australians can get the advice they need to understand the Federal Government’s COVID-19 economic packages, including early access to their superannuation. Thanks to a decision handed down… Read more »
“Members should tread carefully and only think about cracking open their super after they’ve taken up the extra cash support on offer from the government,” advises Industry Super Australia CEO Bernie Dean in response to the governments’ announcement that people could access super funds during the coronavirus crisis. “Super should be the last resort, given… Read more »
Skipped today’s headlines? Don’t stress. Catch up on all the news that matters to small business owners. Here’s what you need to know on Thursday, September 12, 2019. ATO to go after super nonpayers The ATO has announced plans to go after 25,000 employers that are failing to pay their employees super. However, Industry Super… Read more »
Missed out on today’s headlines? Never fear. Catch up on all the news you need to know that affects small business owners. Here’s what you need to know on Monday, September 9 2019. Westpac and BT Life hit by super scandal Two of Australia’s biggest super funds, Westpac Life and BT are being taken to… Read more »
Small business owners and startup founders are struggling to make superannuation and end of financial year tax payments, a new survey has found. The latest MYOB Snapshot, an online survey of a portion of the company’s customers, found one in four owner operators are not currently making any superannuation payments, while almost three in five… Read more »
With the super changes due to hit on 1 July 2017 the most extensive we’ve seen for some 10 years, it’s more important than ever to be prepared. That’s especially the case for SMEs, which are too often already well behind the super eight ball. The fact that SME owners have no compulsory requirement to… Read more »
Research released today by REST Industry Super has revealed gaps in small and medium enterprise (SME) owners’ retirement planning.
Recent research by the Association of Superannuation Funds of Australia (ASFA) revealed almost one quarter of self-employed people do not have superannuation.