Employer warning re leave loading and OTE
ATO warning regarding annual leave loading and OTE The ATO has warned employers that it considers that annual leave loading should normally be part of ordinary time earnings (‘OTE’) for superannuation guarantee (‘SG’) purposes, unless it is referrable to a “lost opportunity to work overtime”. Therefore, if employers have self-assessed on the basis that their […]
Mid-Year Economic and Fiscal Outlook
MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget). The substantial deficit reduction is reportedly a result of increased tax collections, with individual tax collections up […]
Superannuation guarantee
Employer super quick check Paying super is an important part of being an employer. Super provides income for your workers in retirement. Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted: Check you’re paying super to all eligible workers. Some contractors may be entitled to super. […]
Super Guarantee (SG) Amnesty
SG Amnesty still pending The proposed superannuation guarantee (SG) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. The ‘carrot’ currently on the table is […]
Small Business Superannuation Clearing House
Ensure correct SBSCH information When employers use the Small Business Superannuation Clearing House (SBSCH), it is important to enter the correct information. Providing the correct information reduces the possibility that a super fund will reject the payment. When super funds return payments to the ATO due to incorrect details they must manually intervene and contact the employer […]
Superannuation guarantee amnesty
Superannuation guarantee amnesty introduced The Government has introduced legislation to complement the superannuation guarantee (‘SG’) integrity package already before Parliament by introducing a one‑off, twelve-month amnesty for historical underpayment of SG. The Bill incentivises employers to come forward and “do the right thing by their employees” by paying any unpaid superannuation in full, as well […]
Age pension age increase
Did you know the age pension age is increasing? The age pension age is increasing to 67 which could have a significant impact on the retirement plans for many Australians. The age you are eligible to receive age pension payments from the Government, depends on your date of birth. That is, the age pension age […]
12-month super guarantee amnesty announced
Superannuation Guarantee Amnesty On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019. Employers who […]
Fair Work Commission unfair dismissal case
The case of the Uber driver not an ’employee’ Although this was not a tax case, it may be of interest to anyone involved in the ‘gig economy’, with flow-on implications for other employment issues, such as super guarantee. In a recent case, an Uber driver’s access to the Uber app had been terminated as a result of […]
ATO focus areas
Commissioner’s speech highlights ATO’s focus The Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income individuals’ unexplained wealth or lifestyle incorrectly claimed private expenses unpaid superannuation guarantee, and cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 […]
