Super Guarantee

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What is super annuation? How is it calculated and who will pay that amount?

Now super guarantee is an extra payment on top of your salary who will pay that employer will pay that you will not pay that. It is paid by employer on top of your normal salary.

Where does the employer pay?

Employer pays into your super fund,  can be self-managed fund , can be a normal super fund.

I have done the quick calculation just to show you. In case your weekly salaries gross amount is one thousand dollars just assume the tax is two hundred dollars. The net wages you will receive is eight hundred dollars so eight hundred dollars should come into your bank account.

Employer should not deduct this super payment which is $95. How is it calculated? $95 is 9.5% of the gross wages which is one thousand. So the employer cannot deduct this amount from your gross wages he must pay that eight hundred dollars into your bank account and that ninety five dollars as a super guarantee to your super fund directly.

 

For more information on online tax return 2021,  Tax Return 2021, myGov 2021, myTax 2021 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Reportable Fringe Benefits and Super Contributions for 2021-2022

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Various totals that you need to announce in your appraisal structure fuse business related wholes you get for: 

  • reportable coincidental benefits given to you by your chief, (for instance, a work vehicle for private purposes, an unassuming credit or free private medical care inclusion) 
  • reportable super responsibilities made for your advantage by your administrator. 

You don’t have to pay charge on these entireties. We use these wholes to work out whether you are able to get an extent of government benefits and appraisal adjusts.

Super pensions and annuities

You ought to report pay you got from benefits paid to you as a superannuation income source and annuities.

Pensions

An annuity is a movement of standard portions made as a super income source. This avoids government portions, for instance, the age annuity. These portions may be given:

  • by an Australian super resource, life affirmation association or retirement ledger (RSA) provider 
  • by a resource set up to help Commonwealth, state or space laborers and their dependants (like the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme) 
  • as a result of another person’s end (passing benefit income source).

What you need to declare

Your super income stream portions will have different things. Depending upon your age and the sort of income stream you get, you may need to report different things in your appraisal structure. This fuses: 

  • a troubled segment – the piece of your benefit on which evaluation has successfully been paid in the resource 
  • an untaxed segment – the piece of your benefit that is at this point accessible considering the way that cost has not been paid in the resource 
  • a duty excluded section – the piece of your benefit that is charge absolved.

Annuities 2021-2022

An annuity is generally a progression of customary installments made to you by a life coverage organization as a trade-off for a single amount installment. 

Most annuities have both available and tax-exempt segments. 

Your assessable pay will incorporate your available annuity installments when gotten. This incorporates annuities got by you as a reversionary recipient.

For more information on online tax return 2021,  Tax Return 2021, myGov 2021, myTax 2021 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Our Collection Approach to Unpaid Super

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If your employer does not pay super or pay a minimum amount of super in your correct fund by the due date, Your employer may pay the super guarantee charge(SCG). 

ATO will investigate your employer’s super contribution and they will respond to an employee enquiry.If ATO find that your employer did not contribute for super at all or as former employer have not fulfilled SG obligations for you, ATO will disclose details of super to you.

By the ATO guideline, From 1 April 2019, ATO have authority to disclose funds if the employer’s not fulfilled super obligations and it doesn’t matter if they lodged enquiry with ATO or not.

ATO will always give priority to the collection of unpaid SCG debts. ATO will help employers who address their debts in priority. For those employer that not to disclose super obligations, ATO will take strict action against them and provide important notice like 

  • director penalty notices
  • garnishee notices.

If you want ATO that report will be sent to your employer, ATO will update details through investigation. If ATO gets information regarding SGC debt, ATO will notify you regarding important action.

If you did not lodge enquiry regarding your super obligation and ATO will investigate, ATO will ask for review. By chance, if you receive notice from ATO, you do not worry about your super and no need for further action. ATO will notify with outcome, once, the investigation is completed.

Any SGC ATO will collect from your employer is distributed to your super fund.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Unpaid Super from Your Employer

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If you think you have entitled to get refund, and you didn’t get super contribution from your employer, you need to follow the below steps:

  • Firstly you should aware about that you’re entitled to get super or not from your employer
  • You can check your my Gov id and you can view your super contribution which is paid by your company employer. On the other side, your company employer must have to disclose how much super amount has been paid into your super fund. If your employer use single touch payroll reporting, ATO will get all information through STP.
  • Taxpayers can also use the estimate my super tool and you can see how much money is paid by super.
  • You need to talk regarding super to your employer and you can ask your employer how much money is being paid as super in your super fund and from which fund they are paying to in your account.
  • You can check member statements through super funds and you can confirm how much actually gets super.
  • If you feel like you haven’t got enough super from your employer and you followed all above steps, you can lodge your enquiry to ATO. Furthermore, your employer not paid super from your chosen fund.

Unclaimed Superannuation

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Keeping track of your super

Your
super is your savings for retirement. It’s important to be aware how much is
being contributed, what super accounts you have and what insurance they
provide.

If you’ve
ever changed your name, address or job, you may have lost track of some of your
super. Having several super accounts could mean that multiple fees and charges
are reducing your overall super investment.

Check
your super

You can
check, consolidate, find lost super and keep track of your super online by
creating or logging in to your myGovExternal Link account.

You can
also check your super via the ATO app or by calling our self-help phone service,
available 24 hours a day on 13 28 65.

Working
overseas

If you
take up an Australian employer’s offer to temporarily work overseas, your
employer must continue to pay super contributions for you in Australia.

Neither
you nor your employer will have to pay super (or a super equivalent) in the
other country if:

Unclaimed super

Twice a
year, you report and pay to us:

  • unclaimed super of members aged 65 years or older, non-member spouses and deceased members
  • unclaimed super of former temporary residents
  • small lost member accounts and insoluble lost member accounts.

We use
this information to update the unclaimed super money register (viewable in ATO
online services) through which these amounts can be claimed.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Check Your Super in ATO

by Super GuaranteeSuperannuation Caps and Pensions Rules

It is important to keep track of your super. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to check and manage your super.

Use myGov for a full view of your super

You can create a myGov account and link the ATO to:

  • see details of all your super accounts, including any you have lost track of or forgotten about
  • find ATO-held super – if the government, your super fund or your employer can’t find an account to transfer your super to, we hold it on your behalf
  • combine multiple super accounts by transferring your super into your preferred super account; if this is a fund-to-fund transfer it will generally be actioned within three working days.

Conduct a quick search online

You can find out if you have any lost or ATO-held super by doing a quick searchExternal Link

Quick search is also available via the  ATO app which can be downloaded from Google play, Windows phone or the Apple app stores.

You will need to provide:

  • your name
  • date of birth
  • tax file number.

The quick search is a limited search and will only provide details of lost or ATO-held super. For detailed information on all your super accounts you need to register for our online services.

Use our self-help phone service

You can find out if you have any lost or ATO-held super by using our self-help phone service, available 24 hours a day on 13 28 65 Fast Key Code 1 then 2.

We will ask for your:

  • tax file number (TFN)
  • date of birth.

Make sure you have paper and a pen ready to write down the details of any lost or ATO-held super.

The self-help phone service is a limited search and will only provide details of lost or ATO-held super. For detailed information on all your super accounts you need to register for our online services.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Spouse Contribution on myTax

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Superannuation contributions on behalf of your spouse 2015

Did you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working?

An RSA is a special account offered by banks, building societies, credit unions, life insurance companies and prescribed financial institutions. It is used for retirement savings and is similar to a superannuation fund.

You need to know

You will be entitled to a tax offset of up to $540 per year if:

  • the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $13,800
    • the contributions were not deductible to you
    • the contributions were made to a superannuation fund that was a complying superannuation fund for the income year in which you made the contribution
    • both you and your spouse were Australian residents when the contributions were made, and
    • When making the contributions you and your spouse were not living separately and apart on a permanent basis.

A spouse can be of the same or opposite sex and can include de facto relationships.

If you had more than one spouse during the income year and you satisfy the conditions for the tax offset for more than one spouse, the tax offset is the lesser of the sum of the tax offset entitlements for each spouse, or $540.

 Your spouse’s assessable income is the amount your spouse wrote at

TOTAL INCOME OR LOSS on their tax return, unless:

  • they had a distribution from a partnership or trust
    • they had income or losses from rent or business (including personal services income)
    • they had a capital gain or foreign source income,
    • they made a deposit into a Farm Management Deposit Scheme Account, or
    • They claimed a deductible amount for a foreign pension or annuity at item D11 on their tax return (supplementary section).

Your spouse’s reportable fringe benefits amounts and reportable employer superannuation contributions are shown on their payment summaries.

The tax offset is calculated as 18% of the lesser of:

  • $3,000, reduced by $1 for every $1 that the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $10,800
    • The total of your contributions for your spouse for the year.

The tax offset for eligible spouse contributions cannot be claimed for superannuation contributions that you made to satisfy a family law obligation to split contributions with your spouse.

Completing this item

Step 1

Write the total of your contributions at Contributions paid item T3 on your tax return.

Step 2

If the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was $10,800 or less, use worksheet 1.

If the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was more than $10,800 but less than $13,800, use worksheet 2.

Worksheet 1 
Maximum spouse contributions eligible for the tax offset $3,000 (a)
Amount of contributions paid $ (b)
Write the lesser of (a) or (b). $ (c)
Multiply (c) by 18 and divide by 100.     $ (d)
Worksheet 2 
Maximum spouse contributions eligible for the tax offset $3,000 (a)
The sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions $ (b)
Base amount $10,800 (c)
Take (c) away from (b). $ (d)
Take (d) away from (a). $ (e)
Amount of contributions paid $ (f)
Write the lesser of (e) or (f). $ (g)
Multiply (g) by 18 and divide by 100. $ (h)

Step 3

The tax offset is the amount shown at (d) on worksheet 1 or (h) on worksheet 2. Write this amount at A item T3. Do not show cents.

If you had more than one spouse during the year, complete steps 1 to 3 for each spouse. Your tax offset is the lesser of:

  • the sum of the tax offset you are entitled to for each spouse, or
  • $540.

Write this amount at A item T3. Do not show cents.

Step 4

Make sure you complete Spouse details – married or de facto on pages 8-9 of your tax return. Include your spouse’s taxable income at O, your spouse’s total reportable fringe benefits amounts at S and your spouse’s reportable employer superannuation contributions at A.

To work out your entitlement to this tax offset you would have used your spouse’s assessable income, reportable fringe benefits amounts and reportable employer superannuation contributions. However, because we use taxable income to calculate many other entitlements, we ask you to record your spouse’s taxable income (not assessable income) at Spouse details – married or de facto.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Illegal Super Schemes – Beware of Offers to Withdraw Your Super Early

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Have you ever been offered help to withdraw your superannuation early? Generally, you cannot access your super until you retire.

Some people promoting illegal super schemes will tell you that they can help you access your super now to pay off credit card debt, buy a house or car, or go on holiday.

These schemes are illegal. They will cost you a lot more than the super you access and may get you into a lot of trouble.

How illegal super schemes operate

Illegal super schemes usually involve someone offering to help you access your super early.

Promoters of illegal super schemes usually:

Illegal super schemes often target people who are under financial pressure or who do not understand the super laws.

Taking your super out from any super fund early without meeting what is called a ‘condition of release’, or encouraging others to do so, is illegal.

Illegal super schemes may lead to identity theft

If you participate in one of these schemes, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.

Once your identity has been stolen and misused, it can take years to fix.

Rollovers to an SMSF

Most illegal super schemes require you to transfer your super from your super fund into an SMSF. This can be called a ‘rollover’.

Printed copies of this information are available from ato.gov.au/publications (/publications)

If you need any more information  to Start Online Income Tax Return, or want to know about myTax 2018, myGov 2018, Tax Return 2018 Please contact our professional and experienced accountants at TAX REFUND ON SPOT on the off chance that you have any questions, please don’t hesitate to contact our office on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au

Super Guarantee

by Super GuaranteeTax TopicsUncategorized

As an employer your not-for-profit organization must provide its eligible employees with a:

  • minimum level of super contributions by the quarterly cut-off date
  • choice of super fund.

If you fail to meet these obligations, your organization has to report this to ATO by lodging a Superannuation guarantee charge statement – quarterly (NAT 9599) and pay the super guarantee charge (SGC).

Organizations that are income tax exempt are not exempt from the superannuation guarantee legislation.

The minimum amount of super contributions you must provide for your employees is 9.5% of each employee’s ordinary time earnings.

Any existing super obligations under an industrial award count towards the minimum level of support, as do payments made under a salary sacrifice arrangement. However, employee contributions do not count towards the employer’s obligations.

Employer contributions must be paid at least quarterly to a complying super fund or retirement savings account. The table below shows the quarterly cut-off dates.

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