Latest News

Hot Issues
spacer
Inflation continues to keep SME owners up at night, survey finds
spacer
Payday Super: 6 Things Small Businesses Need to Know
spacer
ATO issues new guidance on penalties for non-compliance with STP
spacer
Strategies for Effective Debt Recovery for Small Businesses
spacer
Succession planning to remain major focus for ATO this year
spacer
Fringe Benefits Tax (FBT) Guide – Key Checklist & Rates
spacer
Buy an existing business
spacer
Most Valuable Industries in the World 2026
spacer
Will a shareholders agreement protect a business from a family law dispute?
spacer
ATO crackdown on profit restructuring leading to higher tax bills: RSM
spacer
Super balance not a priority for young Aussies, SMC reports
spacer
When to Update Your Business Trading Terms
spacer
Support for rebuilding after natural disasters
spacer
Are you ready for Payday superannuation?
spacer
Calculate your costs to start a business
spacer
Most Reliable Car Brands in 2026
spacer
Payday super part 2: not quite ‘all systems go’
spacer
Privacy Compliance Sweep 2026: Is Your Business Ready?
spacer
6 ways to improve your business plan
spacer
‘Looking like a rough start’: SMEs set to feel the pinch as CPI spikes
spacer
Student loans debt update
spacer
New SMSF education directions
spacer
Accountants must keep ‘watchful eye’ on financial abuse
spacer
Rare and vanishing: Animals That May Go Extinct Soon
spacer
What is a Commercial Lease?
spacer
8 tips to improve your online sales
spacer
ATO cracking down on tax dodgers trying to leave the country
spacer
Digital Assets You Forgot You Own (and Why They Still Matter at Tax Time)
spacer
‘Not insurmountable’: What accountants need to know ahead of Payday Super
spacer
Heading overseas? Centrelink and the ATO might need to know
spacer
The ATO’s new draft rules could change your holiday home tax claims
spacer
Which country produces the most electricity annually?
Article archive
spacer
Quarter 4 October - December 2025
spacer
Quarter 3 July - September 2025
spacer
Quarter 2 April - June 2025
spacer
Quarter 1 January - March 2025
spacer
Quarter 4 October - December 2024
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
Why so much super “stuff” this year?

New rules mean that insurance coverage will be cancelled on “inactive” superannuation accounts from 1 July 2019, unless the fund member informs the fund in writing that they want to keep the insurance.

       

 

Also, where an inactive account has a low balance (under $6,000) the fund will have to send that super to the Australian Taxation Office for “consolidation and safekeeping”.

If you haven’t made contributions or rolled over your super in the past 16 months, no matter what your balance, it’s important to check in with your fund now to keep your account active and maintain the insurance you want.

The new law also bans super funds from charging exit fees when you want to leave the fund, which should make it easier to change and consolidate your super accounts when you need to.

Life insurance within superannuation can be cheaper.  If you are in doubt whether you should have it, why not ask your dependents?

 

 

AcctWeb

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2024 - All Rights Reserved | 333 Canterbury Road, Canterbury VIC 3126 | Tel: 03 9509 3911 Site by Acctweb