You can now opt-out of super guarantee as a high income earner
If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their employers. You may be eligible to apply if you: Have more than one employer. Expect that your employers’ mandatory concessional super contributions will exceed your concessional contributions cap for a financial year. Employees who are eligible can apply for the super guarantee shortfall exemption certificate when they complete the Super guarantee opt-out for high income earners with multiple employers form (NAT 75067). When you opt-out of SG contributions, you must still receive SGC from at least one employer. If other employers agree to use the SG exemption, then they may provide an..
Will legislation changes affect the FBT you pay on staff parking?
Employers who provide staff parking spaces may be affected by the rewrite of the car parking fringe benefits Taxation Ruling. A draft ruling TR 2019/D5 was released on 13 November 2019, a rewrite of TR 96/26. The draft ruling states that from 1 April 2020, the ATO proposes to treat a car park that offers all-day parking (meaning parking for at least six hours between 7 am and 7 pm) under the same rules as ‘commercial’ parking for fringe benefits tax (FBT) treatment even when the carpark’s fee structure discourages all-day parking with higher fees. Generally, a carpark will be considered a ‘commercial parking facility’ when it is provided to make a profit. This includes car parks in shopping centres, airports and entertainment venues. A key change that the new draft ruling is that there will no longer be a..
Do you have to pay tax on super death benefits?
When someone dies, their superannuation usually gets transferred to their beneficiary as superannuation death benefits. Depending on who the beneficiary is, the benefits may be taxed in some circumstances. If you are a beneficiary, the amount of tax you pay depends on factors such as: If the benefit is paid as a lump sum or pension. Your age and the age of the deceased at the time of their death (for income streams). Whether the benefit is paid from an untaxed superannuation scheme or a taxed scheme. Whether you’re a dependent for tax purposes. Someone who is tax-dependant will: A spouse of the deceased. An underage child of the deceased. Someone who was financially dependent on the deceased at the time of their death. Someone who was in an interdependency relationship of the deceased at the time of their death…
Taking a super pension
Once you have met your preservation age (between 55 and 60 depending on when you were born), you can choose to take a super pension. There are six main types of super pension: Account-based pension: this is the most common type of pension. It is a regular income stream bought with money from your super when you retire. Transition to retirement pension (TTR): you can use this pension if you have reached your preservation age but are below 65 years old and still working, Defined benefit fund: with this pension, you are paid a guaranteed income stream for life, however, it is not commonly used. Annuities: this is a series of payments you receive at fixed intervals for a defined period or the remainder of your life. Annuity payments are purchased with a lump sum. Reversionary pension: this is an..
Training a new employee
Hiring a new employee can interrupt the daily workplace routine while they need a little extra attention and help and learn how things work. Here are some ways you can make the training period more successful… Onboard before the start dateIt is likely that new employees will feel more comfortable and perform better if they are prepared for their first day on the job. New employees often worry about things like what they should wear or where they should go and are reluctant to already be asking trivial questions. To ease them into the workplace, you can send an email prior to their start date that outlines: The start time. Locations. Parking details. Dress code. A brief overview of what will be covered on the first day. Anything they need to bring and what will be provided. Offer mentorsEnlisting the..
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- You can now opt-out of super guarantee as a high income earner Scott Associates
- Will legislation changes affect the FBT you pay on staff parking? Scott Associates
- Do you have to pay tax on super death benefits? Scott Associates
- Taking a super pension Scott Associates
- Training a new employee Scott Associates
- Things to consider before rebranding your business Scott Associates