February 2022 update

Home Super Strategies Blog Regulatory Updates
  1. Director identification number

    Australian company and SMSF directors can now register for the new director ID. A director ID is a unique 15-digit identifier given to a director who has verified their identity with the Australian Business Registry Services and will help to prevent the use of false or fraudulent director identities. Directors will keep the same director ID for life. There is... More Information

  2. Superannuation Guarantee frozen until 2021

    The government has just announced that it had been successful in gaining support for the repeal in the Mining Tax Tax, but with that comes a freeze on the increase in Superannuation Guarantee Contributions (SGC). Until this year’s budget, the Labor government had SGC reaching 12% by 2019. This change sees it staying at 9.5% until 2021 before increasing in... More Information

  3. New ATO Penalties mean more likely cash fines!

    New ATO Penalties mean more likely cash fines!

    Historically, the ATO only had extremely harsh penalties in the form of Trustee Disqualification, or rendering a Fund Non-Compliant and imposing the loss of all tax benefits.  Because the “time” far outweighed most crimes, the ATO rarely took these courses of action. However from 1 July, the ATO will be providing either "education" or “rectification” directions along with fines for... More Information

  4. Government Postpones SuperStream Rollout

    It's been one of those regulatory requirements that has been a low priority, if even understood by employer groups.  From 1 July this year, large employer groups (defined by having more than 20 employees) were due to start remitting employer superannuation contributions to SMSFs using the Government’s "SuperStream Data and Payment Standard".  It is all part of the Government’s Stronger Super... More Information