CORPORATE NEWSLETTER

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1 CORPORATE NEWSLETTER Summer 2014

2 Page 2 Corporate Newsletter - Summer 2014

3 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of key issues relating to your company superannuation and insurances. As legislation is updated, this newsletter will provide you with the details of what you need to know and the impact of these changes. If you have any feedback, or requests for areas to cover in future editions, please do not hesitate to let us know. Tony Wray Director of Corporate Services INSIDE THIS EDITION Super Contribution Cap Reminders (Concessional & Non Concessional) Contribution Cut Off Dates Employer Contribution Rates Higher Tax on Concessional Contributions for High Income Earners Proposed Employee Share Scheme Changes Private Health Insurance Update Disclaimer Any advice contained in this newsletter is general advice only and does not take into consideration the reader s personal circumstances. Any reference to the reader s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances. When considering a financial product please consider the Product Disclosure Statement. Genesys and its representatives receive fees and brokerage from the provision of financial advice or placement of financial products. Genesys Wealth Advisers Limited ABN AFSL No Corporate Newsletter - Summer 2014 Page 3

4 CONTRIBUTION REMINDERS Concessional Contributions For concessional contributions (which include employer contributions and salary sacrifice) the following caps apply as at 1 July 2014: For those aged 48 or under the cap is $30,000 For those aged 49 or over the cap is $35,000 Concessional contributions made in excess of these caps will be taxed at the employee s marginal tax rate. The employee can elect to release up to 85% of the amount over the cap to assist with the payment of the tax applicable. However, this election must be made to the ATO within 21 days of receiving the excess concessional contributions notice. Non-Concessional Contributions Non-concessional contributions are set at $180,000 per annum with those under the age of 65 having the option to make a $540,000 contribution with no further contributions in the following two financial years Contributions in excess of this cap are taxed at the top marginal tax rate plus Medicare Levy (49%). However, draft legislation (yet to be passed) would see these being able to be withdrawn from super without the tax penalty. At the time of writing this legislation is yet to be passed. Employer Contribution Cut Off Dates All employees earning over $450 per month must be paid employer superannuation guarantee contributions. The cut off dates for these contributions are as follows: Period Cut Off Date 1 July 30 September October 1 October 31 December January 1 January 31 March April Employer Contribution Rates With the carbon tax recently being repealed, superannuation guarantee rates have been paused. The 9.5% rate will now remain in effect until 30 June The rate will then increase by 0.5% per annum until the rate of 12% is reached on 1 July Higher Tax on Concessional Contributions for High Income Earners Employees with income exceeding $300,000 (not indexed) are subject to an additional 15% tax on part or all of their non-excessive concessional contributions. The definition of income used to determine whether an employee must pay an additional 15% tax on all or some of their concessional contributions is income for surcharge purposes (less reportable super contributions) plus low tax contributions. Income for surcharge purposes includes: taxable income reportable fringe benefits total net investment loss (including net financial investment loss and net rental property loss). The additional tax on contributions for employees earning in excess of $300,000 is administered by the ATO. For employees with super accounts, the Commissioner will issue a notice of assessment, which is due for payment within 21 days. At the same time, the Commissioner will also provide a voluntary release authority to enable the employee to withdraw an amount equal to this tax liability from their super fund. The employee may choose to use this release authority, or pay the tax personally. It is important that the payment be made within 21 days otherwise interest charges begin to accrue. 1 April 30 June July Where the cut-off date falls on a weekend or public holiday, payment may be made on the next working day after the cut-off date. Page 4 Corporate Newsletter - Summer 2014

5 PROPOSED CHANGES TO EMPLOYEE SHARE SCHEMES An employee share scheme (ESS) is a scheme where shares or options in a company are provided to an employee in relation to their employment. A share provides a shareholder with an ownership share in a company. An option is the right to buy a share in a company at some point in the future. The Government will reverse for all companies the changes made in 2009 to the taxing point for options, while retaining the integrity provisions that were introduced at that time. The existing up-front tax concession, which exempts from income tax the first $1,000 of ESS interests given to an employee who earns less than $180,000 per annum, will also be retained The current tax laws on ESS typically result in shares and options being taxed either at grant or vest. As such, employees are currently taxed on the shares or options before their value has been actually realised. The announced changes, which are proposed to take effect on 1 July 2015 (following a public consultation phase), will defer taxation of the discount on options granted by all companies until the time they are converted into shares. In line with the goal to bolster entrepreneurship and support new companies, options or shares offered by eligible start-up companies will receive additional tax concessions. These include: options may qualify for tax deferral until sale of the underlying shares the removal of upfront taxation for shares (and options) issued at a small discount, as long as the employee holds them for greater than three years shares offered at a discount up to 15 per cent to market value may be exempt from tax the maximum period of deferral will be extended from seven years to 15 years yourself a wider range of health care options and more comprehensive cover. There are two types of health insurance: hospital and general treatment (ancillary or extras). You can buy them separately or most funds offer combined policies. There will be limitations on what and when you can claim dependent on the insurer and policy selected. In terms of ancillary extras which are included in policies it is important to note that if these are not used on an annual basis that they will be lost and do not roll over into the following year i.e. the benefits are reset on an annual basis. To provide an incentive to take up private health insurance a Medicare Levy Surcharge is applied to income exceeding $90,000 for individuals or $180,000 for families without adequate private hospital insurance for any period. The table (right) summarises the applicable surcharge according to income level. Most Australians with private health insurance currently receive a rebate from the Australian Government to help cover the cost of their premiums. The private health insurance rebate is income tested. The table (right) details the different rebate amounts. If you are on a 457 visa which was granted on or after 14 September 2009, you are responsible for health costs which are incurred in Australia by you and your accompanying family members. It is a requirement that 457 visa applicants have made adequate arrangements for health insurance for themselves and accompanying family members. You will be required to maintain this cover for the duration of your stay. Evidence that an insurance policy has been arranged is required at visa application stage. PRIVATE HEALTH INSURANCE UPDATE In Australia, the public health system Medicare covers most Australian residents for health care. However, Medicare does not cover everything and you can choose to take out private health insurance to give Corporate Newsletter - Summer 2014 Page 5

6 MEDICARE LEVY SURCHARGE 2014/2015 Payment Standard Tier 1 Tier 2 Tier 3 Single Person Up to $90,000 $90,000 - $105,000 $105,001 - $140,000 Over $140,000 Family Up to $180,000 $180,000 - $210,000 $210,001 - $280,000 Over $280,000 Medicare Levy Surcharge Note: The family threshold applies to couples and individuals with up to one child. The threshold increases by $1,500 for each child after the first child. PRIVATE HEALTH INSURANCE REBATE Payment Standard Tier 1 Tier 2 Tier 3 Single Person Up to $90,000 $90,000 - $105,000 $105,001 - $140,000 Over $140,000 Family Up to $180,000 $180,000 - $210,000 $210,001 - $280,000 Over $280,000 < age % 19.36% 9.68% 0% Age % 24.20% 14.52% 0% Age % 29.04% 19.36% 0% Page 6 Corporate Newsletter - Summer 2014

7 For any queries relating to your employer Super or Insurance benefits, please do not hesitate to contact us at: or

8 Level 8, 15 Blue Street, North Sydney NSW 2060 PO Box 1173, North Sydney NSW 2059 Telephone + 61 (0) Fax + 61 (0) Stanford Brown is a Member Firm and Corporate Authorised Representative of Genesys Wealth Advisers Ltd ABN AFSL No Copyright 2014 Stanford Brown Unless otherwise specified, copyright of information provided in this document is owned by Stanford Brown Group Pty Ltd. You may not alter or modify this information in any way, including the removal of this copyright notice.

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