Mannion's Blog

Super guarantee: are you ready for ATO crack down?

Mannions Business Services - Tuesday, September 26, 2017

The ATO is increasing its efforts to crack down on employers who fail to make quarterly superannuation guarantee (SG) contributions of 9.5% on behalf of their employees. If you are an employer, regardless of whether you run a small or large business, now might be a good time to review your SG obligations before the ATO comes knocking. If a shortfall is discovered, simply rushing to make extra super contributions will not always be the best course of action. In fact, it can result in a double liability, so careful planning is required for dealing with any identified problems.  more here...

New PAYG Tax Tables from 1 October 2016

Mannions Business Services - Thursday, September 22, 2016

We produce a range of tax tables to help you work out how much to withhold from payments you make to your employees or other payees. A tax withheld calculator that calculates the correct amount of tax to withhold is also available.

In
the May Budget the government announced changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have not been updated will continue to apply.

Updated tax tables
do not include any catch-up component for the portion of the year which has already passed. Individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.  more here...

Super Guarantee Increases

Mannions Business Services - Tuesday, June 24, 2014

On 1 July 2014, the next of the incremental increases to super guarantee will come into effect. The change will lift the super guarantee rate from 9.25% to 9.50% for the 2014/2015 financial year. The super guarantee rate is then proposed to increase until reaching 12% on 1 July 2019.  more here...

Increased Super Contribution Cap For Over 60s

Mannions Business Services - Monday, July 15, 2013

An increased $35,000 concessional cap on super contributions applies to people aged over 60 from the 1st of July 2013. If you're over 60, now is the time to review salary sacrifice arrangements if you found the previous lower cap was restricting how much you wanted to contribute to superannuation. The increased cap also applies to people over 60 making personal concessional contributions. The concessional superannuation contribution cap for those under 60 remains unchanged at $25,000.  more here...

Super Guarantee for Over 70s

Mannions Business Services - Thursday, June 06, 2013

The current maximum age limit of 70 years old for Super Guarantee contributions will be removed effective 1 July 2013. Employers are now required to make Super Guarantee contributions on behalf of all the eligible employees regardless of their age. So, now it’s time for employers to review the salary package of their older employees to include the super contributions. Similarly, older employees should approach their employers to discuss this new component of their remuneration they are entitled to.  more here...

Super Guarantee Increases

Mannions Business Services - Tuesday, May 28, 2013

On 1 July 2013, the first of the proposed incremental increases to super guarantee will come into effect. The change will lift the super guarantee rate from 9% to 9.25% for the 2013/2014 financial year. The super guarantee rate is then proposed to increase every year until reaching 12% on 1 July 2019.  more here...


Recent Posts


Tags


Archive