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News

Superannuation Changes July 1 2008

21 August 2008

Superannuation Guarantee Act Changes from July 1st 2008.

Under these new changes, employers must now pay superannuation on their staffs whole salary and not just on their base salary.Heavy penalties apply if you get this wrong.


  


 

Superannuation

5 May 2010

Superannuation update

1.  An increase in the maximum super contribution to $50 000 for people aged over 50 with super balances of less than $500 000

2.  An increase in the Super guarantee. New rules for compulsory employer super to be gradually increased from the current 9% to 12% from 2013 over 7 years.

3.  A government super contribution of up to $500 from July 1st 2012 for individuals earning less than $37000

As this Newsletter was going to print no schedule is available.If you employ staff,  just continue at the current rate of 9% until the government issues the commencement of  the incremental changes. The AWCF will keep you informed.

Super Guarantee

30 September 2011

Do you pay the Super Levy on your contractors

This month the High Court of Australia found Ray Morgan Research guilty of not paying the 9 % superannuation levy on its contractors. It had employed staff to do research and phone interviews. They will be required to pay the levy, plus interest and fines. Ray Morgan said the implications of the findings were severe with thousands of businesses now facing a tax liability for superannuation that has not been paid to contract staffers

Read Article  25 in the AWCF website to see if you are liable.