Superannuation clearing houses

We recently attended an ATO forum where a question about superannuation clearing houses was asked. We had always thought the same rules applied to the one run by the government as did to the ones run by banks etc. But no, if you use the Small Business Superannuation Clearing House you can crib and extra…

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ATO Warns Directors on Unpaid Super

In June last year, the government announced significant changes to the Director Penalty Regime. At that time, the ATO’s powers were expanded to enable pursuit of PAYG and Superannuation Guarantee debts from directors personally in circumstances where such debts remained unpaid and unreported for more than three months past the due date for lodgement. Until…

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Ordinary time earnings (for Super guarantee purposes)

The Tax Office has released a Draft Superannuation Guarantee Ruling in which it states the Commissioner’s preliminary view on whether payments to employees are ordinary time earnings (OTE) and/or ‘salary or wages’. Since 1 July 2008, employers are required to use OTE in calculating the superannuation guarantee (SG) for their employees. If employers provide less…

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