Super guides
Our technical reference guides provide you with a comprehensive summary of the superannuation rules and issues that you need to be aware of when advising clients.
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Latest news
The ATO have released Tax Determination TD 2024/7 Income tax: deductions for financial advice fees paid by individuals who are not carrying on an investment business.
This Determination sets out when an individual may be entitled to a deduction under sections 8-1 or 25-5 of the Income Tax Assessment Act 1997 for fees paid for financial advice.
The Determination replaces TD 95/60 (now withdrawn) which outlined the ATO’s view on the deductibility of fees paid by a taxpayer to an investment adviser for drawing up an investment plan, and the ongoing management of the investments.
The ATO has stated that the new Tax Determination TD 2024/7 was implemented as a result of regulatory reforms to the financial services industry, however it does not represent a change in the ATO’s view on the deductibility of financial advice fees.
The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 has passed both houses and awaits royal assent.
The legislation provides a superannuation contribution for people receiving Parental Leave Pay (PLP) in respect of children born on or after 1 July 2025.
Under the legislation, the ATO will pay the super contribution which is treated as a concessional contribution when received by the person’s super fund. The amount of the super contribution is the sum of all PLP payments during the financial year multiplied by the superannuation guarantee charge percentage (12% from 1 July 2025). The contribution will also include an additional interest component to compensate for forgone returns resulting from the annual payment.
Treasury have released a fact sheet providing more detail on the proposal requiring employers to pay their employees' superannuation guarantee contributions on every pay cycle from 1 July 2026.
The fact sheet provides a number of proposed changes including:
- A new 7 calendar day ‘due date’ from the employee’s payday for super guarantee contributions
- Changes to the SG charge to create an incentive for employers to address unpaid super quickly
- Changes to SuperStream data and payment standards to allow payments via the New Payments Platform
- The ATO Small Business Clearing House will be retired from 1 July 2026
Latest articles
Major changes to residential aged care from 1 July 2025
Proposed changes to residential aged care have important financial planning implications, as fees and charges under the new rules will be higher for many people accessing aged care from 1 July 2025.
Major changes to home care from 1 July 2025
A new program called 'Support at Home' is proposed to replace the Home Care Packages program from 1 July 2025. Support at Home will have a new fee structure where recipients pay a fee for service.
Tax on super death benefits to estate v beneficiary
Two options are available when paying a lump sum super death benefit to a non-tax dependant such as an adult child - directly from the deceased's super fund or indirectly through the deceased's estate.
This article looks at the different financial outcomes that can arise depending on which option is utilised.
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Adviser use only. Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.