From 1 July 2013, the Super Guarantee (SG) rate increases from 9% to 9.25%.
When making super payments on behalf of employees receiving the minimum 9% SG rate, you’ll need to increase their super contributions to 9.25% from 1 July 2013.
Are you in building & construction? Contractor payments report due soon
Are you involved in the building and construction industry? If so, you’re required to record any payments made to contractors from 1 July 2012 onwards and report these payments to the ATO.
SMSF minimum pension payments
If your SMSF is paying a pension to any fund members, you need to ensure you’ve paid at least the minimum required pension for the financial year. It’s important to ensure the minimum pension is paid before year end. To comply, the payment must be physically transferred out of the SMSF’s bank account by 30 June 2013.
The minimum pension amount is calculated by multiplying the opening pension account balance by a percentage factor determined by the member’s age at the beginning of the financial year. If you require assistance with this calculation, ask your Westlawn Business Services Accountant.
Westlawn provides this information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers.
Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.