Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

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    Tax Facts - Superannuation Guarantee

    In addition to employees' salaries and wages, employers are required to pay super contributions on behalf of all their eligible employees.This compulsory contribution is the superannuation guarantee. It requires you to pay super for your eligible employees, contribute to the correct super funds, and pay contributions by the cut-off date each quarter. The minimum super amount you are required to pay is 9.25% of each eligible employee's earnings base (usually their ordinary time earnings).

    You are generally required to pay superannuation contributions for your employees if they are:

    Over the age of 18 (no upper age limit from 1 July 2013)
    Paid $450 or more (before tax) in a calendar month

    MORE: Use the Superannuation Guarantee Eligibility Tool to determine whether you need to pay superannuation contributions for an employee.

    The ATO provides the following tools to help you understand and meet your obligations:

    Superannuation Guarantee Charge (SGC) statement and calculator - Calculate your SGC liability and prepare the SGC statement.
    Employee/contractor decision - Determine whether your new or existing workers are contractors or employees (for tax and super purposes)
    Superannuation guarantee eligibility decision - See whether you need to make super contributions for your employees 
    Superannuation guarantee contributions calculator - Calculate how much super you should be contributing for your eligible workers.

    NOTE: There are some instances where you do not have to pay super for employees.