Transfer Balance Cap will increase from 1 July 2025
From 1 July 2025, the general transfer balance cap will rise from $1.9m to $2m, enabling superannuation members to access greater tax-free earnings in the retirement phase. The cap, which increased by $100,000, based on the December 2024 quarter CPI figures, determines how much super can be transferred into the tax-free retirement phase. Individuals entering […]
Payroll compliance checklist: Preparing for the Closing the Loopholes Bill
Classifying an employee under the wrong award or at the wrong level, not accounting for meal breaks correctly, omitting to pay a penalty rate or not providing the correct allowance are all regular errors that occur in Australian payrolls every week. Whilst honest mistakes would likely result in a bit of backpay, this new legislation […]
