Newreporting obligations for employers

Written on the 5 June 2009

EMPLOYERS will need to make changes to their payroll systems and update payment summaries to include reportable employer super contributions under new reporting obligations to come into effect from July 1.

Reportable employer super contributions generally include super contributions under a salary sacrifice arrangement or extra super contributions made on behalf of an employee to a super fund. The contributions are not included in employee’s assessable income, but;

• Employees must report them in their income tax return.
• Employers must report them to the Tax Office as part of your payment summary reporting, and Medicare levy surcharge threshold calculation. Payment summaries and PAYG withholding annual reports for the 2009-10 income year will be updated to include reportable employer super contributions.

Employers may wish to review PAYG arrangements with employees to make sure the tax that is withheld from their salary, wages and other income is still enough to cover the amount of tax they are liable to pay.

Reportable employer super contributions affect a range of government entitlements and obligations for individuals including:

Medicare levy surcharge (lump sum payment in arrears) tax offset; dependency tax offsets; senior Australians tax offset; pensioner tax offset; mature age worker tax offset; spouse super contributions tax offset; super co-contributions; deduction for personal super contributions, and Higher Education Loan Program and Student Financial Supplement Scheme repayments.


Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter