July 2013 Newsletter 

In this edition:

Welcome

New ATO determination on correcting GST mistakes

Reportable Superannuation Contributions

What to do when you haven't met your super obligations

Superannuation and Powers of Attorney: Part 2

Reportable employer superannuation contributions are those contributions you make for an employee in respect of an income year where all of the following apply:

• your employee influenced the rate or amount of super you contribute for them
• the contributions are additional to the compulsory contributions you must make under the superannuation guarantee law (that is the 9% SGC); an industrial agreement; or a federal, state or territory law.

Remember: compulsory employer super payments, such as superannuation guarantee, are not reportable employer superannuation contributions.

If you can show that your employee did not, and could not, influence the amount of super you contributed for them, they are not reportable employer superannuation contributions.

For example Joe is employed on a salary of $50,000 p.a. and is entitled to 9% super being $4,500. Joe has asked if you could sacrifice $100 a week from his pay as super in addition to the 9%.

During the year the employer pays $4,500 + $5,200 as super for Joe. The $5,200 paid on behalf of Joe would be his reportable super contribution as this is the amount that Joe was able to influence the employer to pay on his behalf.

Please contact the team at Goodwin Chivas and Co. if you have any queries.