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How does the super guarantee charge work?

Posted on Sep 20, 2017 by admin

Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC). The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter). Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce […]

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Ride sourcing – Claiming car expenses

Posted on Sep 20, 2017 by admin

Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time. You may be able to claim expenses such as: – Parking fees – Road tolls – Mobile phone costs – Fees or commissions charged the facilitator – Other expenses – to the extent that they relate to work-related travel. Under the logbook method (the business-use percentage of car expenses) include: – Petrol – Depreciation of your car – General vehicle running costs such as insurance, car rego and repairs – Maintenance. Expenses you cannot claim include: – Fines, such […]

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New measures to crack down on super non-compliance

Posted on Sep 14, 2017 by admin

The Australian Taxation Office (ATO) will receive additional funding for a Superannuation Guarantee Taskforce to crack down on non-compliance by employers. The Government has announced a package of reforms to close a legal loophole used by dishonest employers that short-change employees who make salary-sacrifice contributions to super. Funding for the Taskforce coincides with new data released by the ATO reporting a significant estimated Super Guarantee gap. This gap is the difference between the theoretical amount payable by employers to be fully compliant and actual contributions received by funds. The ATO estimates the net SG gap as 5.2 per cent or […]

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Sharing economy and tax

Posted on Sep 14, 2017 by admin

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on. Different rules apply, depending on what type of sharing economy activities are undertaken by an individual. Those who rent out part or all of their home are reminded to: – declare what they earn in their tax return; – apportion related expenses as appropriate before claiming deductions and – understand […]

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Strategies to bulk up your super before retirement

Posted on Sep 7, 2017 by admin

To retire comfortably, you should be doing everything you can while still in the workforce to make sure your superannuation is as fruitful as possible. Consider the following: Consolidate super into one accountSuper account fees can eat away at your super balance, especially if you have numerous accounts. If you find yourself in this position, take the time to organise your super contributions into the one account to reduce unnecessary and excessive fees. Outstanding super paymentsCheck you have been paid all the super you are entitled to, as well as interest, as this can uncover large amounts of unpaid super. […]

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