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From 1 January 2014, employers need to make super contributions to a fund that offers a MySuper product for employees who haven’t selected a preferred fund. A ‘MySuper product’ is a new super account that will replace existing ‘default funds’ used for employees. A MySuper account has a simple set of product features, regardless of who […]
Read MoreSuperannuation Contribution Cap for 2013 – 2014 has been released by the ATO. We recommend that if you are offering salary sacrifice superannuation to your employees, include a disclaimer in your staff handbook that employees have received professional financial advice and understand the tax implications of what they are requesting the Payroll Officer to do. […]
Read MoreIf you have more than one payer at the same time, the ATO generally require that you only claim the tax-free threshold from the payer who usually pays the highest salary or wage (this is known as the primary source of income). If you earn additional income (for example, from a second job or a […]
Read MoreAs of 22 February, 2013, the ATO is waiting on a further announcement by the Government to confirm requirements of the Super Reform measure that will change the way super contributions are reported on an employee’s payslip. In late June 2012 legislation was passed for this change, however details of the change and commencement date […]
Read MoreThe ATO has released the new PAYG payment summary for Employment Termination Payments (ETPs). We recommend you download the latest payment summary, as you now need to include reason codes on your ETP. The ATO has introduced a new ‘whole-of-income cap’. Prior to 1st July 2012 the concessional treatment of an employment termination payment (ETP) […]
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