“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 »
There’s something odd about those television and internet advertisements telling us we are getting more super. The money seems to come from nowhere, writes Peter Martin, visiting fellow at Crawford School of Public Policy, Australian National University. “Pretty soon,” explains the woman getting onto an escalator, “the amount of super paid on top of our… 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 increase in the compulsory superannuation contribution, legislated to rise next July from 9.5% to 10%, is being fiercely debated following the release of the retirement income report. In this podcast we hear the views of Brendan Coates, Director of the Household Finances Program at the Grattan Institute and Greg Combet, former Labor minister, and… 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 »
A new super fund aims to address the gender gap that is forcing Australian women into poverty when they reach retirement. Many Australian women’s super contributions have been affected by forced breaks from work due to family caregiving. When this is combined with the gender pay gap, which sees women earning less than male counterparts,… Read more »
A poll conducted by Industry Super Australia has found Australians significantly underestimate the existence of multiple super accounts, with only one in seven, or 15 per cent, of the people polled aware that they have more than one account. This is in stark contrast to the facts, as the Productivity Commission recently suggested one in… Read more »
As we approach the release of the 2019-20 federal budget on April 2, it’s worth noting that the proposals unveiled will be just that: proposals. Some will hit snags in Parliament, some may be rewritten, and some could be scrapped if government changes hands. With that caveat in mind, here are some bills from the… 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 »
Peter Strong, CEO of COSBOA (council of small business organisations Australia) suggests its time the Royal Commission turned its attention to superannuation and recommends a new way forward for small business owners… The Banking Royal Commission has highlighted a range of issues for small business people. It has certainly highlighted that we are people, we… Read more »
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