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Superannuation

Paying Superannuation More Frequently

Paying Superannuation More Frequently As an employer, paying superannuation for your eligible employees is crucial. It's not just a legal obligation but also a key part of caring for your team. In Australia, you must pay the Superannuation Guarantee (SG) at least four times a year. Key Dates to Remember To keep you on track, here are the due dates for each quarter: Quarter 1 (1 July – 30 September): Payment due by 28 October, 2023 Quarter 2 (1 October…
Business AdviceSuperannuation

Unlocking Property Investment Opportunities with Your SMSF: A Guide for Australian Small Business Owners

Your SMSF Adventure: Navigating Costs with a Smile! Embarking on the journey of setting up a Self-Managed Superannuation Fund (SMSF) is like taking a thrilling financial leap, offering you the key to unlock greater control over your retirement savings. SMSF legislation allows a a business owner to purchase a retail, commercial, or industrial property through their SMSF and rent that property back to their business. But before we set sail on this exciting adventure, let's dive into the costs of…
Spouse Super Contributions - By The Numbers Accounting BlogTaxSuperannuation

Tax Time 2020 – Spouse Super Contributions

The By The Numbers Accounting team is back with some more handy tax tips for 2020! Is your spouse currently a low-income earner or not working at the moment? Did you know that you can contribute towards their super! Not only is this a great way of building and planning towards your shared future but you may even be eligible for a tax offset! Schedule a call with your By The Numbers accountant through our new online booking service to…
SuperannuationTax

New Rules for Salary Sacrificing Super

Salary sacrificing to super allows an employee to forego part of their salary or wages and have the employer contribute this amount to their superannuation fund instead of paying it as cash. It reduces the taxable value of salary or wages and is therefore beneficial to the employee in both reducing tax payable and increasing superannuation. Up until now, employers were allowed to calculate superannuation guarantee contributions (SGC) on the reduced amount of salary or wages.Firstly, as of 1 January…