Question:
Employer super guarantee obligations
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
The Tax Office website has set out some common mistakes that employers make to remind them of their super guarantee obligations:
+ Not providing the tax file number of the employee to their nominated superannuation fund within 14 days of the employer receiving it (the superfund might reject the contribution or the employee’s account in the superfund may be subject to extra tax);
+ Even where a contractor quotes an ABN, if the contract is wholly or principally for the contractor’s labour, the employer is still obliged to pay super guarantee;
+ Some employers pay insufficient super contributions for their eligible employees (and contractors);
+ Employers sometimes miss the quarterly deadline for contributions being 28 October for the September quarter, 28 January for the December quarter, 28 April for the March quarter and 28 July for the June quarter; and
+ Employers must lodge a superannuation guarantee charge statement if they don’t pay enough super or miss the deadline.
http://www.ato.gov.au/employersuper ,NTAA Voice206, p9
