There are several super issues to be aware of from an accounting perspective… especially now that the ATO are watching super more closely.
Who do you have to pay super for?
How much super do I have to pay?
Right now, the answer’s simple – 9% – but the government decided to shake things up with last year’s budget. Below is a table highlighting the new superannuation guarantee percentages moving forward:
|Period||Super Guarantee Rate (%)|
|1st July 2003 – 30th June 2013||9%|
|1st July 2013 – 30th June 2014||9.25%|
|1st July 2014 – 30th June 2015||9.5%|
|1st July 2015 – 30th June 2016||10%|
|1st July 2016 – 30th June 2017||10.5%|
|1st July 2017 – 30th June 2018||11%|
|1st July 2018 – 30th June 2019||11.5%|
|1st July 2019 – 30th June 2020 and onwards||12%|
What happens if I don’t pay the super guarantee?
When can I claim a deduction for superannuation contributions?
Personal Contributions (10% Rule)
Excess Contributions Tax
Government Co-contribution – who will receive it and how much?
Low Income Super Contribution – what is it and who is eligible?
- You have to have made concessional contributions for the year into a complying super fund
- Your adjusted taxable income does not exceed $37,000
- You are not a holder of a temporary resident visa
- 10% or more of your total income is derived from business or employment
- The amount payable is $20 or more
The government will work out your eligibility via your tax return (if you are required to lodge), or through other means via the information that they can collect from external sources.
Also if you are currently 55 years or older and retired, or 65 years or over (retirement not required), then you can apply to have the low income super contribution paid directly to you. Otherwise the contribution will go straight into your super fund.
If you have any questions regarding your personal or business super situation, contact us on (03) 8888 4000.