Super for employers. Super is money you pay for your workers to provide for their retirements. As an employer, you need to: offer eligible employees choice of super fund. Some contractors may also be entitled to super pay and report super electronically in a standard format, ensuring you meet SuperStream requirements pay super to complying super funds check if employees are eligible to choose their own super funds provide eligible employees with a Standard choice form advise employees of your employer nominated fund, also known as your default fund.
If you don't make contributions during this period, you can provide the TFN when you make the contributions keep records of super contribution payments and evidence that you offered a choice of super fund to eligible employees. The request media could not be loaded at this time.
Please try again later. Open transcript. Super obligations Learn about your superannuation obligations and how we can help you manage them. Find out more about superannuation. Check if your employee is eligible for super. Providing a choice of super fund. Provide eligible employees with a Standard choice form. Act on your employee's choice of super fund. Request stapled super fund details for employees. She says it was a risky move and admits she has the application forms for the pension at home as a ready back-up.
Sydneysiders Leslie Hayden and David Hunter were also not content to settle into retirement. The couple, in their early fifties, used their super funds to get their tech start-up, De-cide, off the ground 18 months ago.
The decision paid off with Hayden and Hunter's De-cide, a shared decisions app, now employing five staff and growing at a healthy rate. I'd much rather invest in myself because this way I'm in control and I know how I want to spend it. Deciding whether to dip into superannuation funds is a difficult decision requiring a calculation of risk. When that is over, there remain issues you are also required to attend.
Some of those issues will be discussed below. To lessen the risk with that purchase, you should consider having eligibility for SMSF tax concessions or, in other words, concessional tax treatment. True to its name, the test is done to ascertain that the sole purpose of the fund will be the retirement benefits of its members.
Going ahead with the purchase through your SMSF while not being eligible for the tax concessions will adversely leave you with a large tax obligation. Your SMSF is also required to have a formulated investment strategy, and its best interest should be maximising the retirement benefits of its members. All operations and proceeds of the business purchased should be in accord with the decided investment strategy. Should an updated strategy be needed, a quorum of its members needs to be satisfied.
Young Australians as a whole may not yet be interested in saving money for their retirement. But they have been found to be interested in innovation and creating new ideas.
Despite this, most young people have limited access to business funding. So, what if Australia could combine super and entrepreneurship by allowing millennials to tap into their superannuation in order to start a business? Our politicians have already discussed the idea of letting young people tap into their superannuation to borrow for a home. So why not broaden the scope of this proposal to include starting a business?
This could encourage young people to put their money into an investment that could generate not just wealth, but new, skilled jobs — a definite positive for the wider economy.
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