18 minute read
COLUMNIST ARTICLES
Superannuation Guarantee Contributions:
Who should be receiving it?
ACCOUNTANT
By Warren Strybosch
The Superannuation Guarantee contributions (SGC) have increased since 1st July 2022. However, there are many employers who don’t know what the correct amount is that they should be paying and who should be getting SGC.
SGC is an important part of every person’s financial position. It represents, for most people, the key asset they will have leading into retirement. As such, it is important to understand if you are entitled to it, if your employer should be paying it and how much you should be receiving.
Thankfully, the rules around SGC were made a little simpler, with most employees able to receive it.
Superannuation Guarantee: What is it?
SG contributions is a legislative requirement that all employers must pay to most employees. It is contribution of money, paid by the employer, on top of the employee’s salary or wages, into the employee’s superannuation account of choice.
The government introduced mandatory 3 per cent contributions (or 4 per cent for employers where their payroll was above $1 million) into an employee’s superannuation fund. In the early days, the employer would set up the superannuation fund on behalf of the employee, whereas now the employee can choose their own superannuation fund and provide that information to the employer. The employer ‘must’ place the SGC into the employee’s superannuation fund if the employee so directs. Most employers choose to remit the SGC on a quarterly basis when they do their BAS however some employers will pay it monthly or even fortnightly.
For most people who retire in the next 20 to 30 years, their superannuation balance will likely be their largest asset, apart from the family home, and provide an income stream for them in retirement. Will ever increasing uncertainty regarding the age pension, it will be an important asset to have.
Current SG rate
Currently the SG rate is 10.5% and increasing over time until it reaches 12%. SG payments is paid as a percentage of an employee’s salary and wages or ordinary time earnings (OTE). Ordinary time earnings (OTE) is the amount your employees earn for their ordinary hours of work. It generally includes leave (annual, sick or long service), commissions, allowances and shift loadings, but doesn’t include overtime
payments. Who is eligible to receive SG contributions?
There is no minimum amount you have to earn. Prior to 1st July 2022, you had to earn more than $450 per month to be eligible. This has now been removed.
If you are a full-time, part-time or casual employee, and over 18 years of age, you are eligible.
Employees aged under 18, or those classified as a private or domestic worker (like a nanny), must work for their employer more than 30 hours per week to qualify for SG payments.
Temporary residents are also entitled to receive SG payments into their super account.
Your employer is not required to make SG contributions if you are a non-Australian resident and are paid to do work outside Australia, are an Australian resident but paid by a non-resident employer for work done outside the country, a senior
Superannuation Guarantee rate: 2002 to 2026
Period
1 July 2002 - 30 June 2013
1 July 2013 - 30 June 2014
1 July 2014 - 30 June 2021
1 July 2021 - 30 June 2022
1 July 2022 - 30 June 2023
1 July 2023 - 30 June 2024
1 July 2024 - 30 June 2025
1 July 2025 - 30 June 2026 and onwards
Super guarantee rate
9.00%
9.25%
9.50%
10.00%
10.50%
11.00%
11.50%
12.00%
foreign executive on certain visas, or temporarily working in Australia for an overseas employer and are covered by super provisions in a bilateral social security agreement.
Is there a limit on the SG contribution I can receive?
The current SG contribution rate is 10.5% of your gross earnings up to a limit called the maximum super contribution base (MSCB). If you earn above that amount in a particular quarter, your employer does not have to make SG contributions for the part of your earnings over the limit.
The MSCB for 2022–23 is $60,220 per quarter ($240,880 per year), which equals a maximum SG contribution by your employer of $6,323 per quarter ($25,292 per year).
If you’re a trustee of a Self-Managed Super Fund (SMSF) it is important to make sure all members of the SMSF are receiving their required SG contributions and they are being allocated correctly. All SMSF must now be registered via SuperStream. Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically using the SuperStream standard.
From 1 October 2021, you can only rollover into or out of your SMSF using SuperStream.
For SuperStream, you will need:
• an electronic service address (ESA) – you can get an ESA from an SMSF messaging provider • an Australian business number (ABN), and • to ensure your SMSF’s details held by the ATO are up to date, including your
SMSF’s unique bank account.
Exemptions
If you are employed by your family business and your super guarantee contributions go to your SMSF, these related-party employer contributions are exempt from the SuperStream standard. SuperStream doesn’t apply to personal contributions made to your SMSF by its members.
At Find Accountant, we provide SMSF tax advice. Our senior accountant is also an award-winning financial advisor. If you require SMSF advice or are considering whether or not to wind up your SMSF, then speak to Warren Strybosch at Find Accountant Pty Ltd.
Warren Strybosch
You can call them on 1300 88 38 30 or email info@findaccountant.com.au www.findaccountant.com.au
WARREN STRYBOSCH
Find Group
The founder of the Find Group of companies draws on his diverse background, which ranges from teaching, to serving in the army, to taxation and accounting, to coach and help clients live their best financial lives. A multi-award winner, Warrens’s innovative approach in business means he was a champion of virtual financial advise long before the pandemic. Warren established the Find Foundation, which owns and operates acroos Victoria.
TOP 50 MOST INFLUENTIAL FINANCIAL ADVISER IN AUSTRALIA
The financial advisers featured in this guide are a diverse group: some specialise in responsible investment advice, some provide financial advise to specific professions, and some focus on addressing market gaps, mwith several finding themselves on the list for the very first time. But they all have one thing in common: they all wield influence that can create the blueprint for the future of financial advice in Australia. Not all of them are faniliar names but just because they are not making a lot of noise doesn’t mean they are not making waves. Meet our Power 50.
By Craig Anderson
I get regular calls from people who are in the process of starting a new business. Many are after a “ball-park” figure for insurance costs so they can flesh out a business plan and budget for outgoings. No matter how the conversation starts, the outcome is largely dependent on the quality of the information provided by the client, and this can be… to put it politely, “a little thin” at times.
To maximise your chances of getting a fair and accurate insurance quote:
Be Qualified. I can’t tell you how many times people have been unaware of the qualifications, licenses, registrations, or tickets which are essential not only to do the job they plan to do, but to convince the insurer they are a “good risk”. This is particularly the case if we are trying to get you Professional Indemnity cover. Best to do your research before telling the boss you’re leaving. We can’t insure the uninsurable.
Clearly Define your Activities. If you describe yourself as a “glazier” but forget to tell us you are abseiling from the 40th floor to replace windows in a multi-storey office block, the insurer will incorrectly rate you and will decline any claims. Remember to describe and disclose your activities properly. We can’t provide accurate quotes without a correct description. An inaccurate quote could lead a worthless policy if care is not taken at this stage.
Tell Us About Future Plans. The selection of insurers may depend on whether they can accommodate all of the required cover sections. A Business Pack PL (Public Liability) Policy may be more appropriate than a stand-alone PL policy if—in a couple of months—you might need to add contents, business interruption, and machinery breakdown cover sections for example. You may need a stand-alone PL Policy if your activity is “non-preferred” by Business Pack Policy Insurers. Your broker might have to place you with a specialty underwriter who understands that specific occupation. It’s better to know from the start what you plan on doing later, so a flexible insurance programme can be put in place.
Provide Correct ABN and Trading
Name. One fellow—insured with a direct insurer—had insured another company (not his own) with similar spelling for 6 years before realising that it was wrong from the very beginning. Details do matter. Double check this, otherwise you Be Patient. Often insurers and their underwriters are overwhelmed with the volume of inquiry, so be prepared to wait for a quality answer to come back. Speed doesn’t always equate to efficiency or deliver accuracy. Not everything can be done using online quoting tools, and this is particularly the case for complex risks. So perhaps start your research well before you quit your job to allow ample time to get it right.
You can thank me later.
Planning to start a business?
may take out an entirely worthless policy when you go ahead. Again, facts have to be right from the beginning.
Consider Advice. We understand no one has an unlimited budget, but don’t cut corners that may put you out of business before you’re off the ground. For example, If you handle and store people’s details like phone numbers, names and addresses, you need cyber protection for yourself. If employing people, you may need Management Liability Insurance, if you give advice, you may need Professional Indemnity and so on. Take the time to familiarise yourself with the risks, so you aren’t taken by surprise, and so you can write a realistic budget. Deciding in advance you need the “bare minimum” may be a costly financial error.
Read All of the Paperwork. When we ask you to read through and confirm the details are correct, you must check! Once a quote turns into a policy, this is a legal contract between you and the insurer. If you fail to read it, and later have an issue caused by a failure to correct your answers, it’s too late once a claim has occurred. Read the Schedule and read the PDS. Ask your broker questions, as the answers could make a big difference to the cover selected, and to how you manage risk within your business. For a health check of your business insurance, contact Small Business Insurance Brokers via email: sales@ smallbusinessinsurancebrokers.com.au
Any advice in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the above advice, you should consider its appropriateness (having regard to your objectives, needs and financial situation).
Craig Anderson
GENERAL INSURANCE
Small Business Insurance Brokers
www. heightsafetyinsurancebrokers.com.au 0418 300 096
Making It Free To Study Nursing And Midwifery
The Andrews Labor Government is backing Victoria’s healthcare system with free university and specialist training for thousands of nurses and midwives. In a $270 million boost to the health system, more than 17,000 nurses and midwives will be recruited and trained as part of a massive hiring and upskilling initiative – building an army of homegrown health workers to care for Victorians.
More than 10,000 students will have the cost of their nursing or midwifery undergraduate studies paid for, while scholarships will be available for thousands more who complete postgraduate studies in areas of need including intensive care, cancer care, paediatrics and nurse practitioner specialities.
All new domestic students enrolling in a professional-entry nursing or midwifery course in 2023 and 2024 will receive a scholarship of up to $16,500 to cover course costs.
Students will receive $9,000 while they study and the remaining $7,500 if they work in Victorian public health services for two years.
More midwives will join the workforce through an expanded postgraduate midwifery incentive program, which will provide scholarships to cover course costs and salary support for 150 existing nurses to continue working while they complete their specialist studies in midwifery.
The initiative, together with the $12 billion Pandemic Repair Plan brings the number of nurses and midwives being supported to more than 20,000, including funding 13,000 nursing and midwifery positions and scholarships, and funding the upskilling of 8,500 nurses.
The package also includes:
• Scholarships for postgraduate nurses to complete studies in specialty areas such as intensive care, emergency, paediatrics and cancer care – worth an average of $10,000 • $11,000 scholarships for enrolled nurses to become registered nurses, covering course costs and boosting the number of registered nurses • $12,000 scholarships to support training and employment of 100 new
Nurse Practitioners in both acute and community settings • More than $20 million to provide more support to the growing numbers of graduates and postgraduates as they transition to working in our hospitals – ensuring they have access to the clincial educators, preceptors and study time they need.
The package recognises that the cost of study is a financial burden for prospective and existing nurses and helps our health services maximise the recruitment of new nurses and midwives in key areas of need.
In the past eight years, the number of nurses in the public system has risen by more than 26 per cent – increasing by 9,400 to more than 45,000 nurses. The Labor Government has overseen a net increase of more than 22,000 healthcare workers in the system since 2014 – up by 27.6 per cent.
Quote attributable to Minister for Health Mary-Anne Thomas
Quote attributable to Minister for Training and Skills and Higher Education Gayle Tierney
Quotes attributable to Premier Daniel Andrews
9 Stages Of Newborn Behaviour
LACTATION CONSULTANT
By Dr. Joanna Strybosch
The importance of providing a mother and baby with immediate skin to skin contact for at least an hour after birth is now being recognised. Changes in medical practice now encourage this continuous skin to skin contact beginning immediately after birth, without delay or interruption for routine procedures, and continuing though the first breastfeed. This practice has been shown to improve self-regulation of the baby and increase the likelihood of breastfeeding success.
Swedish researcher Ann-Marie Widstrom has shown that there are nine observable newborn stages that occur in the first hour or two after birth when a baby is placed immediately skin to skin with his mother. These are instinctive to the baby and occur in a sequential order.
Stage 1 – The birth cry
The distinctive cry occurs immediately after birth as the baby’s lungs expand and fill with air for the very first time. This is a wonderful sound to the parents ears and confirms their baby is alive and well!
Stage 2 – Relaxation
The baby is placed skin to skin on her tummy on her mothers tummy or chest. Her hands will be relaxed. Baby will be calm and quiet, pausing to recover form the birth process.
Stage 3 – Awakening
About 3 minutes after birth, the baby starts to make small movements of the head and shoulders. She is no longer tightly confined inside her mother, and is free to stretch and experience the open space around her.
Stage 4 – Activity
The baby begins to explore her environment with her mouth by make mouthing and sucking movements. She has more stable eye movements now and looks at the breast and then looks at her mother. The dark areola attracts her to the nipple area and the smell there is familiar, as it is the same as the amniotic fluid that has been her environment til now. She starts to move her hand to her mouth, stick out her tongue and massages the breast with one or both hands. All of these movements increase the release of oxytocin in her mother’s body and prepares her body for bonding and breastfeeding.
Stage 5 – Rest
The baby may have periods of rest between these early activity during the first couple of hours after birth. This resting time does NOT mean baby is disinterested in the breast and needs help latching. Don’t intervene. Just let her be and she will continue in her own time. Don’t rush her. Enjoy this time together.
Stage 6 – Crawling
Baby “crawls” towards the breast and nipples. She will make her way there using sliding, pushing, leaping and crawling movements until she reaches her target. These are short periods of action usually starting around 35 minutes after birth.
Stage 7 – Familiarization
Baby becomes acquainted with the nipple by licking the nipple and touching and massaging the breast. This stage begins about 45 minutes after birth and can last 20 minutes or more. Baby starts making sounds to get mums attention. She looks at the other people in the room, familiarising himself with her new environment. Baby’s movements are quite purposeful. Again, don’t rush the process. Relax and enjoy watching this amazing event as baby finds the breast and nipple by herself. Soon she will latch on and suckle without assistance or interference. Don’t try to help her latch – she is not ready just yet. Her tongue is flat and high in the roof of his mouth, whereas just prior to self-attaching, she will drop her tongue and while opening her mouth wide for a deep and effective latch. Be on baby time, not on hospital or doctor or nurse time.
Stage 8 – The newborn takes the nipple, self-attaches and suckles
This usually begins about an hour or so after birth. If the mother has had anaesthesia during labour, it may take a while longer for baby to complete these stages.
Stage 9 – The final stage is sleep
The baby and often mum too will fall into a beautiful restful sleep together.
Dr. Joanna Strybosch
Osteopath B.App.Sc(Clin.Sc)/B.Osteo. Sc/Grad Dip Paeds
Men’s health:
Puberty & Prostate
NATUROPATH
By Kathryn Messenger
With Father’s Day this month, it’s a great time to talk about men’s health. We’ll take a look at two conditions: teenage acne and Benign prostatic hyperplasia (BPH). These are both caused (at varying degrees) by male hormone imbalance.
Androgens are a group of hormones of which testosterone (the predominant male reproductive hormone) is the most common. Testosterone levels increase for young men in their late teens, and the excess androgens contribute to acne. The sebaceous glands which secrete oil onto the skin, produce androgens, along with other glands, and in excess are converted to a hormone called dihydrotestosterone which promotes acne. Research has found herbs such as Serenoa repens (Saw palmetto) effective in treating hormonal acne, especially when combined with other androgen regulating herbs is. As a naturopath, I would also address elimination of waste products, inflammation, the liver (as detailed below) and any other factors contributing to the acne.
BPH is increasingly common in men as they age and is estimated to be present in 70% of men over the age of 70. Due to hyperproliferation (excess growth) of prostate tissue, the enlargement of the prostate gland obstructs urinary flow, resulting in poor urinary flow, increased urgency, and incontinence. Similarly to with teenage acne, excess androgens are a major culprit in contributing to hyperproliferation of prostate tissue. This enlargement of the prostate gland also leads to BPH and prostate cancer. Once again Saw palmetto is an important herb in regulating androgen levels, and additional benefits have been found when used in combination with Urtica dioica (stinging nettle).
Recreational lifestyle activities which reduce stress can also be helpful as chronic stress increases inflammation, leading to many disease states. Exercise can help by increasing blood flow and also reducing stress.
Naturopathic treatment of hormonal imbalance often includes strengthening and detoxifying the liver. The liver is where hormones are metabolised, are transformed into different forms, and excess hormones are removed from circulation. If the liver is not functioning well, this process will be impaired. Prescription drugs, alcohol, exposure to toxins, and poor diet all contribute to reduced liver function. Herbal medicine is highly effective in improving the liver, but below are some tips to get you started.
To improve liver function:
• Increase dietary fibre, particularly through vegetables • Increase ‘green leafy’ vegetables such as kale, spinach, broccoli, cabbage, etc • Eat bitter foods such as roquette (rocket), and sour foods such as fresh lemon juice.
Whole Naturopathy can treat your hormonal imbalance naturally with herbs formulated specifically for you, together with dietary changes that will best target your health issues.
This advice is general in nature and not intended to be prescriptive. For individualised prescriptive advice, please see a naturopath or other health care practitioner.
