Superannuation

Superannuation tax offsets help reduce tax payable on your income

Superannuation Tax Offsets

Tax offsets effect on your taxable income Tax offsets directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own, they can’t get you a refund. There are two superannuation tax offsets for which you may be eligible: The Australian super …

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The ATO releases new updates on Super Guarantee Payments and Salary Sacrifice for this year

Super Guarantee Payments Update For 2020

Update For Super Guarantee ATO’s new super guarantee requirements From 1 January 2020, if you make super contributions for your employees under an effective salary sacrifice arrangement: You must calculate your super guarantee obligation based on your employee’s ordinary time earnings base You cannot count salary sacrifice contributions towards the minimum amount of super guarantee …

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ATO follows up employers on their SG contribution payments

ATO Follows Up Employers On Their SG Contribution Payments

ATO’s new STP can follow up late SG payments The ATO’s Deputy Commissioner, Superannuation and Employer Obligations, James O’Halloran, has announced in a speech to the Australian Institute of Superannuation Trustees (AIST) that with the ATO’s new STP-enabled “unprecedented level of visibility” of transactional data, especially on super information, that it is focusing on using …

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