Superannuation – Custom Accounting Pty Ltd

What the New Div 296 Tax Means for Individuals with Large Super Balances

Custom Accounting — Mon, 06 Apr 2026 22:45:00 +0000

The Better Targeted Superannuation Concessions measure (known as the Division 296 tax) is now law and takes effect from 1 July 2026. For those with large super balances, it’s important to understand what the new tax does, why it’s been introduced, and the practical steps you and your financial adviser should consider. The Purpose of the Tax Division 296 is designed to make superannuation…

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Keeping Your Self-Managed Super Fund Compliant

Custom Accounting — Sun, 22 Mar 2026 22:02:00 +0000

Self managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds. However, being an SMSF trustee does come with important responsibilities to ensure that all dealings comply with superannuation law. Two critical areas to keep front of mind are…

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AI Tax Tips: Helpful Shortcut or Costly Trap?

Custom Accounting — Sun, 15 Feb 2026 22:05:00 +0000

As a business owner or investor, time is always tight. So it’s no surprise many people now turn to AI tools like ChatGPT for quick answers on tax deductions, super contributions or structuring ideas. The responses sound confident, arrive instantly and cost nothing. What could go wrong? Plenty. The Australian tax and super system is complex, highly fact-specific and constantly changing.

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Know the Rules Before You Break Them: Why SMSF Education Matters More Than Ever

Custom Accounting — Fri, 23 Jan 2026 03:56:16 +0000

Running, or deciding to set up a self-managed super fund (SMSF) gives you control, but it also brings legal responsibilities. The Superannuation Industry (Supervision) Act 1993 (SISA) contains detailed rules on trustee duties, investments, borrowing, payments and recordkeeping. Simply put, you cannot identify or avoid breaches you don’t know exist. For trustees, this should mean education is not optional but rather, is essential for risk management. Why understanding SISA matters The ATO’s Focus […]

Super on Payday: Fundamental Changes for Employers

Custom Accounting — Fri, 23 Jan 2026 03:34:14 +0000

If you run a business, you already know the juggling act that comes with managing the payroll process — paying staff on time, managing cash flow, and staying compliant. From 1 July 2026, there’s a major change coming that will reshape how you handle superannuation contributions for staff. It’s called Payday Super, and it became law on 4 November 2025. The new rules are designed to close…

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Super Tax Shake-Up: Big Balances Beware

Custom Accounting — Thu, 01 Jan 2026 04:39:23 +0000

If your super balance is comfortably below $3 million, you can probably relax — the proposed changes to the super rules shouldn’t adversely affect you (yet). But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks. For some time now the Government has been planning to introduce…

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Accessing superannuation funds for medical treatment or financial hardship

Custom Accounting — Sun, 28 Dec 2025 05:14:05 +0000

Superannuation is one of the largest assets for many Australians and offers significant tax advantages, however, strict rules apply to when it can be accessed. While super is most commonly accessed at retirement, death or disability, there are limited situations where earlier access may be possible. Early access is generally available in two situations: Compassionate grounds access…

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Superannuation guarantee: due dates and considerations for employees and employers

Custom Accounting — Wed, 24 Dec 2025 05:38:14 +0000

On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases. Employers currently need to make superannuation guarantee (SG) contributions for their employees by 28 days after the end of each quarter (28 October, 28 January, 28 April and 28 July). There is an extra day’s allowance when these dates fall on a public holiday.

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Contribution Caps

Custom Accounting — Tue, 27 Jul 2021 20:45:00 +0000

New rules allowing individuals to initiate a “bring forward” of future years’ non-concessional contribution caps up until the year they turn 67 (rather than 65) have finally passed. They will apply from 1 July 2020. At any given time, non-concessional contribution caps depend on two factors: Assuming the total super balance isn’t a problem, whether or not someone is allowed to…

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6 Member SMSFs

Custom Accounting — Mon, 26 Jul 2021 00:48:00 +0000

There are benefits to expanding out the membership of an SMSF. For a start, it means there is a bigger pool of assets to invest. This can mean; It also means there is a bigger pool of people to run the fund; Often parents talk about sharing an SMSF with their children as being a way of passing on their own learnings about investing and engaging with superannuation laws.

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