Superannuation And You

Late Super Contribution

Super guarantee legislation requires that employer to pay super contributions to their employee’s nominated super fund each quarter by the cut-off date. If you make a payment after the cut-off date, you must lodge a Superannuation guarantee charge statement - quarterly (NAT 9599) and pay a super guarantee charge to the Tax Office. Penalties apply if you fail to comply.
If you have made a late contribution to a super fund for an employee, you may be able to offset that payment against the amount of super guarantee charge you have to pay for that employee for that period.

You are able to offset super guarantee contributions paid late to a super fund against the super guarantee charge, providing:

• you have made a late payment to your employee’s super fund,


• you made the payment prior to the date your original super guarantee charge assessment was made, and


• you lodge the late payment offset election with the Commissioner within four years of your original assessment date.

The super guarantee charge is made up of three parts:
super guarantee shortfall amounts (including any choice liability)

• nominal interest on that amount (10% per annum), and


• an administration fee ($20 per employee per quarter).

You can only use late contributions to offset the nominal interest and super guarantee shortfall components of the super guarantee charge. You will not be able to offset the administration fee, or other interest or penalties.
If you elect to offset your super guarantee charge with your late payment to the super fund, then:
the late payment is not tax deductible for income tax purposes you cannot revoke the election to use the offset, and any late contribution you use to reduce the amount of your super guarantee charge cannot be used as a pre-payment for current or future periods.
Alternatively, you may be able to use a late contribution for an employee for a future quarter if the contribution is made not more than 12 months before the beginning of the quarter. If you choose this option, the contribution will be tax deductible, but you cannot also claim an offset against the super guarantee charge.

Year 2010 Taxation Brief

Companies
An Australian resident company tax rate remain at 30 per cent of its taxable income.

Capital Gains Tax
Captial Gain Tax at 30% is applying to the disposal of assets acquired (or deemed to have been acquired) after 19 September 1985. A net capital gain arises if the capital gain made by a taxpayer in a year of income exceeds the capital loss made by the taxpayer in that year or carried forward from previous years.

Repatriation of profits
Repatriation of profi ts can generally be undertaken at any time as there are no foreign exchange controls on such repatriation. Dividends paid to foreign shareholders are subject to withholding tax (there are some exceptions).

Retirement income contributions
The Superannuation Guarantee legislation generally requires employers to contribute 9% of an employee’s salary or wages into an Australian superannuation fund.
There are some exceptions from the Superannuation Guarantee, including where a Social Security Agreement that Australia has with another country exempts an employee who has been sent to work temporarily in Australia.

Residetns Individual tax rates


Non-Residetns Individual tax rates

The low income tax offset schedule

Low Income offset Tax Free Threshold
�� from $750 to $1,200 for the 2009 income tax year $14,000
�� to $1,350 for the 2010 income tax year $15,000
�� to $1,500 for the 2011 and later income tax years $16,000

Rudd's popularity vs government debt

What plans he has in place????!!!!!! After what he did and or doing......
Does he understand the meaning of Debt? It means - When someone spend the money that he/she does not have.. But who care "Rudd's popularity will rise again with the Government's debt, such as 1st then 2nd then 3rd stimulus package and so on....

Our working mum and dad working family money from AU$??billion surplus to ......in DEBTS Not AU$1 million....but AU$??? billion
Should we encourage Rudd'07 to call for early election and then enrol the Rudd regime to the Financial Management course....Especially the Treasurer....

2008/2009 Tax Time

Tax Reporting Period: 1/7/2008 to 30/6/2009
Subnisssion Time: 1/7/2009 to 31/10/2009
Lower Income Tax offset: $1,200

Tax Rate:
0 – $6,000 Nil
$6,001 – $34,000 - 15c for each $1 over $6,000

$34,001 – $80,000 - $4,200 plus 30c for each $1 over $34,000

$80,001 – $180,000 - $18,000 plus 40c for each $1 over $80,000

$180,001 and over - $58,000 plus 45c for each $1 over $180,000

Company Tax rate - 30%

Rudd Government $42 billion stimulus package

The Rudd Government stimulus package $42 billion, the plan aims to retain 90,000 jobs up to 2011 and to slow down the Australia against the global economic crisis.
The package covering:
• $14.7b for school infrastructure and maintenance and bringing forward funding for trade training centres ($200,000 per school)
• $12.7b for cash bonuses of up to $950 in immediate one-off payments for families with school-age children, farmers, single income families and people undergoing training
• $6.6b for community and public housing to boost the national stock of public and community housing by about 20,000 new homes
• $3.9b for insulation to 2.7 million homes and solar hot water rebates;
• $2.7b in tax breaks for small businesses to provide deductions for some equipment purchases before the end of June this year
• $890m for regional infrastructure and maintenance (such as: roads railway..) for regional and local government

The Rudd government could not guarantee this stimulus package will really work, in term of retaining JOBS, even the experts has advice that there is no format to measure this big hands-out the result.

But in reality, once the $42 billion has spent, this Debt will be passing to our Future Generation shoulders’.

So far, the Rudd Government has no practical agenda on “HOW TO PAY OFF THIS DEBT, while he is still in power?” The Government has denial there will be taxes increment to cover this Debt, his only hope that the DEBT will be automatically vanish when the economy picking-up again.

So let us hope his dream come true for the sake of our Future Generation might carry this heavy loaded burden.