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With the new financial year rapidly approaching employers need to be aware of tax and superannuation changes that will affect their employees.Superannuation rateFrom 1 July 2014 the superannuation guarantee rate will increase from 9.25% to 9.5%. For employers using Xero, whose employees are set up to receive the 'statutory rate' of superannuation, this change will automatically be applied for the first payroll after 1 July 2014. If you are using Xero, it is worth reviewing your employee list... More...
New penalty regime for SMSF breaches From 1 July 2014 the Australian Taxation Office will have new powers to impose sanctions and penalties on self managed superannuation fund (SMSF) trustees.The new rules have come about as the current regime provides little effective recourse for the Australian Taxation Office when a self managed superannuation fund breaches the SIS Act. Under the existing regime the only actions available to the Australian Taxation Office are to make the fund non-complyin... More...