SG amnesty ends 7 September 2020
Time running out for employers to apply for superannuation guarantee (SG) amnesty Catch up on past unpaid super without incurring a penalty or paying administration fees. The ATO is encouraging employers to apply for the amnesty and make payments as early as they can. Any amnesty amounts paid before 7 September 2020 are tax-deductible. For […]
No SG obligation on JobKeeper payments where work is not performed
Regulations confirm no SG obligation on JobKeeper payments where work is not performed The federal government has registered the Superannuation Guarantee (Administration) Amendment (JobKeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the […]
ATO reminder about salary packaged super
The ATO has provided information for employers, payroll software providers and intermediaries who may need to change the way they calculate SG The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an […]
OMNIBUSiness COVID-19 Summary Edition
What unprecedented times we’re living in! As soon as we think we’re on top of coronavirus, things change and don’t they change fast? The effect of COVID-19 is having a massive financial impact on all of us in some way and we fear that the impact of the virus will have an even greater impact […]
New super guarantee amnesty
On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty Employers who come forward from 6 March 2020 need to apply for the amnesty. This amnesty allows employers to disclose and pay previously unpaid super guarantee charge (‘SGC’), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 […]
Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
STP and superannuation guarantee
ATO actively using data to warn employers not paying required SG on time In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination of Super […]
Late SMSF annual returns to change Super Lookup ‘status
Super Lookup ‘status’ will change if SMSF annual returns are late The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and […]
Super guarantee opt-out
Super guarantee opt-out for high-income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to […]
Backpacker superannuation
Paying super to backpackers The ATO has issued the following reminders to employers, that backpackers on working holidays: are considered temporary residents, and are entitled to superannuation guarantee if they are paid $450 or more before tax in a calendar month; and who leave Australia can claim the super paid to them as a Departing […]
