Mannion's Blog

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...

New Taxable Payments Annual Report – Building and Construction Industry

Mannions Business Services - Thursday, June 20, 2013

All businesses in building and construction industry are now required to report the payments made to each contractor for building and constructions services each year, effective from 1 July 2012. The first annual report is due 21 July 2013 for the payments made from 1 July 2012 to 30 June 2013, unpaid invoices at 30 June 2013 are not required to be included. In this first year, if you lodge your activity statements quarterly, you can lodge the report by 28 July 2013. The payments to be reported are those for building and constructions services, you are not required to report on payments if the invoices are for materials only. So, it’s time to get ready for the preparation and lodgement of your ‘Taxable Payments Annual Report’.   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...

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