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superannuation

SG and salary sacrifice

Loophole to close around Super Guarantee contributions and salary sacrifice

Finally, it looks likely that a loophole that allows employers to count their employees salary sacrifice amount towards employer SG contributions, will be closed.   Currently, employers can reduce their mandated SG contributions by counting an employee’s voluntary super contributions through Salary Sacrifice.   The amendment to the law, which was first introduced in 2017 …

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super stream

SuperStream compliance deadline approaching

From 30 June 2016 businesses need to ensure they and/or their clients are SuperStream compliant. SuperStream is a standard for electronically processing superannuation information and payments, and must be used by employers, self-managed super funds and APRA-regulated funds. The ATO has announced it will provide compliance flexibility to small businesses that are not yet SuperStream …

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Payroll pitfalls to watch for in salary sacrifice superannuation 1

Payroll pitfalls to watch for in salary sacrifice superannuation

Salary Sacrifice Superannuation via Payroll in Accounting Software Xero, MYOB, Reckon – The pitfalls to watch out for. Reportable Superannuation on Payment Summaries – Make sure if the employee is influencing the salary sacrifice superannuation that this show as RESC on the payment summary and NOT in Gross Wages on the payment summary. Eg Joan …

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MySuper replaces your default superannuation fund

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 …

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Superannuation Contributions Cap 2013 – 2014

Superannuation 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. …

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