Superannuation Guarantee Charge (SGC) for Employers

In Australia, superannuation is a cornerstone of the retirement system, ensuring that employees have sufficient savings for their retirement years. Employers play a crucial role in this system through the Superannuation Guarantee (SG). However, failure to meet SG obligations can result in penalties under the Superannuation Guarantee Charge (SGC).

Division 7A: How Does It Work?

Division 7A of the Income Tax Assessment Act 1936 is a critical aspect of Australian tax law that affects private companies and their dealings with shareholders and associates. Primarily aimed at preventing private companies from distributing tax-free profits to shareholders.

Understanding Superannuation: A Guide for Individuals

Superannuation, commonly known as ‘super’, is a vital element of financial planning in Australia. This government-supported system is designed to help individuals save for retirement, ensuring financial security in later life.