Co contributions for the self employed

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1 Guide for super professionals Co contributions for the self employed New arrangements from 1 July NAT

2 Our commitment to you We are committed to providing you with advice and information you can rely on. We make every effort to ensure that our advice and information is correct. If you follow advice in this publication and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we must still apply the law correctly. If that means you owe us money, we must ask you to pay it. However, we will not charge you a penalty or interest if you acted reasonably and in good faith. If you make an honest mistake when you try to follow our advice and you owe us money as a result, we will not charge you a penalty. However, we will ask you to pay the money, and we may also charge you interest. If correcting the mistake means we owe you money, we will pay it to you. We will also pay you any interest you are entitled to. You are protected under GST law if you have acted on any GST advice in this publication. If you have relied on GST advice in this publication and that advice later changes, you will not have to pay any extra GST for the period up to the date of the change. Similarly, you will not have to pay any penalty or interest. If you feel this publication does not fully cover your circumstances, please seek help from the Tax Office or a professional adviser. The information in this publication is current at November We regularly revise our publications to take account of any changes to the law, so make sure that you have the latest information. If you are unsure, you can check for a more recent version on our website at or contact us. Commonwealth of Australia 2007 This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth. Requests and inquiries concerning reproduction and rights should be addressed to the Commonwealth Copyright Administration, Attorney General s Department, Robert Garran Offices, National Circuit, Barton ACT 2600 or posted at Published by Australian Taxation Office Canberra November 2007 JS 9226

3 Contents ABOUT THIS GUIDE 2 Learning objectives 2 01 background to the co contributions changes 3 Summary of the changes 3 Co contributions before 1 July Co contributions from 1 July ELIGIBILITY from 1 july Eligibility for a co contribution 4 Eligible super contributions 4 Contributions not eligible for a co contribution 5 04 Calculating the co contribution 8 The income year 8 The and income years 8 The income year 9 The income year 9 05 Summary of changes SOLUTIONS 11 More information calculating total income 6 The meaning of total income 6 Determining total income for co contribution entitlement using the 10% test 6 Determining total income for co contribution threshold purposes 6 Co contributions for the self employed 1

4 ABOUT THIS GUIDE This guide is designed to give you information about changes to super that came into effect from 1 July These changes were based on the outcomes of consultation with the community, industry, government agencies and other relevant stakeholders. The changes aim to: n simplify super arrangements for retirees, making it easier to understand n improve incentives to work and save, and n introduce greater flexibility in how super savings can be accessed in retirement. One of the changes coming out of the Government s simplification of superannuation is that, from 1 July 2007, the Government s superannuation co contribution scheme will be extended to the self employed. Also under the changes, from 1 July 2007 self employed and other eligible people are entitled to a full deduction for super contributions provided specific conditions are met. Learning objectives After reading this guide and completing the exercises, you will be able to: n explain the new co contribution eligibility criteria for the self employed n identify contributions eligible for the co contribution, and n explain how total income will be calculated for co contribution purposes. 2 Co contributions for the self employed

5 background to the co contributions changes 01 This chapter includes: n a summary of the changes n information about co contributions before 1 July 2007, and n information about co contributions from 1 July SUMMARY of the changes Until 30 June 2007, most self employed individuals did not have access to the super co contribution as they generally did not have 10% or more of their total income from eligible employment (that is, income earned as an employee). However, from 1 July 2007, co contributions are available for the self employed. A self employed person may be eligible for a co contribution if 10% or more of their total income is earned from: n carrying on a business n eligible employment activities (for example, income earned as an employee), or n a combination of both. Co contributions BEFORE 1 July 2007 The co contribution applies to personal super contributions made by eligible individuals from 1.00 July 2003 onwards. It replaced the super contributions tax offset that low income earners could claim for their personal super contributions made in the and earlier income years income year For the income year: n we matched $1.00 for every $1.00 of personal super contributions, up to the maximum co contribution of $1,000, and n the lower income threshold was $27,500 and the higher income threshold was $40,000. Co contributions FROM 1 July and later income years For the and later income years: n we match $1.50 for every $1.00 of personal super contributions, up to the maximum co contribution of $1,500 and n the income thresholds are indexed. The higher income threshold is equal to $30,000 plus the lower income threshold. For the income year the lower income threshold is $28,980 and the higher income threshold is $58,980. For information on eligibility, refer to Chapter 2, Eligibility from 1 July EXERCISE 1 Is the following statement true or false? Under the new measures, for the and later income years we will pay $2.00 for every $1.00 of personal super contributions, up to the maximum co contribution of $2,000. For the correct answer, refer to Chapter 6, Solutions , and income years For the , and income years: n we matched $1.50 for every $1.00 of personal super contributions, up to the maximum co contribution of $1,500, and n the lower income threshold was $28,000 and the higher income threshold was $58,000. Co contributions for the self employed 3

6 02 ELIGIBILITY from 1 july 2007 This chapter contains information on: n eligibility for co contribution n eligible super contributions, and n contributions not eligible for a co contribution. eligibility for a co contribution Individuals, including the self employed from 1 July 2007, are eligible for the super co contribution if they meet the criteria. Until 30 June 2007, under sub section 6(1) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003, a person must, in an income year: n have made an eligible personal super contribution to a complying fund or retirement savings account (RSA) n not be a temporary resident at any time during the income year in which the contribution is made n be under age 71 at the end of that income year n lodge an income tax return for that income year n have total income less than the higher income threshold, and n have 10% or more of their total income for the income year attributable to eligible employment. From 1 July 2007, the key change to these criteria is that under paragraph 6(1)(b) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 a person must earn 10% or more of their total income from: n carrying on a business n eligible activities, or n a combination of both. Carrying on a business Carrying on a business is defined in section of the Income Tax Assessment Act 1997 (ITAA 1997). The definition of business includes any profession, trade, employment, vocation or calling but does not include an occupation as an employee. Eligible activities Under subsection 6(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003, eligible activities are those that result in the person being treated as an employee for super guarantee purposes. They include: n holding an office or appointment n performing functions or duties n engaging in work, or n doing acts or things. EXAMPLE Syd is an Australian resident aged 26 who receives income from his own lawn mowing business of $25,000 per year and also receives passive investment income of $2,000 per year. As Syd is carrying on a business, and more than 10 per cent of his total income is from carrying on a business, Syd would be eligible for a co contribution payment if he makes personal contributions to his super fund and satisfies the other eligibility criteria. EXAMPLE Billie Joe is in a partnership and receives partnership income from carrying on a business of $45,000 per year. Billie Joe also receives $5,000 in investment income. Billie Joe s partnership income is income from carrying on a business for co contribution purposes. Eligible super contributions Eligible personal super contributions Subsection 7(1) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 provides that personal super contributions eligible for a co contribution payment must have been made: n on or after 1 July 2003 (by employees), or n on or after 1 July 2007 (by the self employed) These contributions must be made to a complying fund or RSA to provide benefits: n for the contributor, or n on the contributor s death, to their dependants. 4 Co contributions for the self employed

7 ELIGIBILITY from 1 july 2007 Contributions not allowed as a deduction Under subsection 7(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003, the co contribution is only available for a personal super contribution that has not been allowed as a deduction. EXAMPLE Gary is self employed and makes a personal super contribution of $5,000 to a complying fund on 30 June On 31 October, he claims a $4,000 deduction for this contribution in his income tax return. Gary s total income less business deductions is $28,000 for Gary s fund reports to us that $5,000 personal contributions have been received. Using the fund data and Gary s income tax return, we determine that: n $1,000 of the personal contribution has not been allowed as a deduction, and n a co contribution of $1,500 is payable into Gary s super account. Contributions not eligible for a co contribution Paragraph 7(1)(c) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 states that the following contributions are not eligible for a co contribution payment: n a roll over super benefit (see the ITAA 1997) n a lump sum paid from a foreign super fund (see the ITAA 1997) n a directed termination payment (see section 82 10F of the Income Tax (Transitional Provisions) Act 1997), and n an amount transferred from a foreign scheme for the payment of benefits in the nature of superannuation upon retirement or death (see paragraph 290 5(c) of the ITAA 1997). EXERCISE 2 Is the following statement true or false? Before 1 July 2007, self employed people did not have access to the co contribution unless 10% or more of their total income was attributable to eligible employment and/or carrying on a business. EXERCISE 3 Is the following statement true or false? The co contribution is only available for a personal super contribution if we have not allowed the contribution as a deduction. EXERCISE 4 Which of the following contributions are not eligible for a co contribution payment? (a) a roll over super benefit (b) a personal contribution where an income tax deduction is not claimed (c) a lump sum paid from a foreign super fund EXERCISE 5 Is the following statement true or false? Under the changes, personal super contributions made by the self employed from 1 January 2007 are eligible for the co contribution if they are not claimed as an income tax deduction. For the correct answers, refer to Chapter 6, Solutions. Co contributions for the self employed 5

8 03 calculating total income This chapter contains information on: n the meaning of total income n determining total income for co contribution entitlement using the 10% test, and n determining total income for co contribution threshold purposes. the meaning of total income Total income is used for two purposes and has two different meanings under the co contribution scheme: n one meaning of total income is used for determining entitlement to co contributions, using the 10% test, and n the other meaning of total income is used for calculating the co contribution that is payable and determining whether the lower and higher income thresholds are reached. Subsection 8(1) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 defines total income for an income year to be the sum of: n assessable income, and n reportable fringe benefits. Subsection 8(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 states that total income is reduced by any allowable deductions incurred in carrying on a business. However, this subsection does not apply for the purposes of determining the total income for the 10% test. Determining total income for co contribution entitlement using the 10% test Under paragraph 6(1)(b) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003, a person must satisfy the 10% test. That means 10% or more of their total income must be earned from: n eligible activities n carrying on a business, or n a combination of both. Total income is the sum of the person s assessable income and reportable fringe benefits not reduced by the deductions that result from carrying on a business. Determining total income for co contribution threshold purposes Under section 8 of Superannuation (Government Co contribution for Low Income Earners) Act 2003, when determining whether the higher and lower income thresholds have been reached, and when calculating the amount of co contributions payable, total income is: n assessable income, plus n reportable fringe benefits, less n allowable deductions for carrying on a business. Subsection 8(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 does not apply for the purposes of determining whether a person satisfies the 10% test under paragraph 6(1)(b) of the Superannuation (Government Co contribution for Low Income Earners) Act Allowable deductions for carrying on a business do not include: n work related employee deductions or n deductions that are available to eligible individuals (including the self employed) for their personal super contributions. Total income is reduced by allowable business deductions when comparing total income with the co contribution s higher and lower income thresholds. This is to ensure that self employed individuals with high gross business receipts but low profit margins are not arbitrarily exceeding the co contribution higher income threshold. For the purposes of the 10% test, gross business income is included in total income for those who carry on a business. This is so that self employed individuals with low incomes or low profit margins are not disadvantaged by arbitrarily failing the test. 6 Co contributions for the self employed

9 calculating total income EXAMPLE In the income year Oscar has: n gross business receipts of $43,000 n business deductions of $41,500 n other personal investment income of $15,000 n no other assessable income or allowable deductions, and n no reportable fringe benefits. Step 1 Oscar would be eligible to receive a co contribution based on the above criteria under the 10% test because the percentage of his gross total income from employment or carrying on a business would be 74%. The 74% figure is calculated as: Gross business receipts $43,000 = = 74% (Gross business receipts + ($43,000 + $15,000) other personal investment income) EXERCISE 6 Total income used to calculate the co contribution payable and for comparison against the income thresholds, is calculated as assessable income plus reportable fringe benefits less allowable deductions from carrying on a business for individuals who carry on a business. Complete the following sentence. The main reason for this is to ensure: (a) less people are eligible for the co contribution (b) self employed individuals with high gross business receipts and low profit margins do not arbitrarily exceed the co contribution higher income threshold (c) the higher income threshold of $58,000 is not being increased, disadvantaging self employed people For the correct answer, refer to Chapter 6, Solutions. Step 2 Once it is determined that Oscar is eligible for a co contribution under the 10% test (and assuming that all other criteria have been met), the next step is to calculate the total income for co contribution threshold purposes for comparison with the income threshold. For this purpose, total income is reduced by allowable business deductions. Total income for Oscar for comparison with the lower and higher income thresholds would be calculated as: (Gross business receipts + other personal investment income) = ($43,000 + $15,000) $41,500 = $16,500 less business deductions Outcome Oscar has a total income of $16,500 for co contribution income threshold purposes. Therefore Oscar qualifies for the full $1.50 on each $1.00 he contributes to a complying fund or RSA (up to a maximum of $1,500 co contribution) as his total income is under the $28,980 lower income threshold. The calculation of the co contribution amount, and the co contribution threshold amounts are briefly discussed in Chapter 4 Calculating the co contribution. Co contributions for the self employed 7

10 04 Calculating the co contribution This chapter contains information on: n the income year n the and income years n the income year n the income year, and n after the income year. The method for calculating the co contribution amount has not changed as a result of changes to super except that for the purposes of calculating the co contribution, total income is reduced by allowable business deductions. See Chapter 3 Calculating total income for more information Where the person s total income is equal to or less than the lower income threshold then the maximum co contribution amount is the maximum set amount for the relevant year. Where the person s total income is between the lower and higher income thresholds, the maximum Government co contribution amount is calculated as follows: Set maximum co contribution amount for the income year total income less the lower income threshold reduction rate THE income year The set maximum co contribution amount was $1,000. The lower income threshold was $27,500. The reduction rate was The co contribution payable was the lesser of: n the maximum co contribution amount, or n the amount of personal super contributions. Where the person s total income is $27,500 or less, the co contribution was equal to the amount of eligible personal super contributions a person made during the income year, up to a maximum co contribution of $1,000. Where the person s total income was more than $27,500 but less than $40,000, the maximum co contribution amount was calculated using the following formula. The formula for calculating the maximum co contribution amount was: total reportable $1,000 {[( assessable + fringe ) $27,500 ].08} income benefits If the result of this calculation was greater than the amount of the contribution, then the co contribution payable would be equal to the amount of the contribution. The co contribution payable was the lesser of the: n calculated maximum co contribution amount, or n amount of personal super contributions. Where the person s total income was $40,000 or more, no co contribution was payable. THE and income years The set maximum co contribution amount was $1,500. The lower income threshold was $28,000. The reduction rate was Where the person s total income was $28,000 or less, the co contribution was equal to one and a half times the amount of eligible personal super contributions a person made during the income year, up to a maximum co contribution of $1,500. Where the person s total income was more than $28,000 but less than $58,000, the maximum co contribution was calculated using the formula below. The formula for calculating the maximum co contribution amount was: total reportable $1,500 {[( assessable + fringe ) $28,000 ].05} income benefits If the result of this calculation was greater than 150% of the amount of the contribution, then the co contribution payable was equal to 150% of the amount of the contribution. The co contribution payable was the lesser of: n the maximum co contribution amount, or n 150% of the amount of personal super contributions. Where the person s total income was $58,000 or more, no co contribution was payable. 8 Co contributions for the self employed

11 Calculating the co contribution THE income year For the year only, section 12A of the Superannuation (Government co contribution for Low Income Earners) Act 2003 increased the maximum co contribution to 300% of eligible personal contributions for that year. That is, a maximum co contribution of $3,000 was available for that year. The co contribution payable was equal to double the amount using the same calculation that was used as for the and income years. Where the person s total income was $58,000 or more, no co contribution was payable. THE income year The set maximum co contribution amount is $1,500. The lower income threshold is $28,980. The reduction rate is Where the person s total income is $28,980 or less, the co contribution will be equal to one and a half times the amount of eligible personal super contributions a person makes during the income year, up to a maximum co contribution of $1,500. Where the person s total income is more than $28,980 but less than $58,980, the maximum co contribution is calculated using the following formula. The formula for calculating the maximum co contribution amount is: {[( total reportable deductions as a $1,500 assessable + fringe result of carrying ) $28,980 ].05} income benefits carrying on a business If the result of this calculation is greater than 150% of the amount of the contribution, then the co contribution payable will be equal to 150% of the amount of the contribution. The co contribution payable is the lesser of: n the maximum co contribution amount, or n 150% of the amount of personal super contributions. Where the person s total income is $58,980 or more, no co contribution will be payable. From the income year, the lower and higher income thresholds will be indexed on a yearly basis. Refer to sections 10, and 10A of the Superannuation (Government co contribution for Low Income Earners) Act Co contributions for the self employed 9

12 05 Summary of changes Until 30 June 2007, most self employed people did not have access to the super co contribution as generally 10% or more of their total income was not earned as an employee. However, from 1 July 2007, the self employed may be eligible for the super co contribution if 10% or more of their total income is earned from carrying on a business, eligible activities (for example, income earned as an employee) or a combination of both. For the purposes of the 10% test, total income is the sum of the person s assessable income and reportable fringe benefits, not reduced by allowable deductions from carrying on a business (or any other deductions). Other existing criteria must still be met. In an income year, a person must: n have made eligible personal super contributions to a complying fund or RSA (and they must not have had a tax deduction allowed for these contributions) n not be a temporary resident at any time during the income year in which the contribution is made n be under age 71 at the end of that income year n lodge an income tax return for that income year, and n earn less than the higher income threshold. Total income is calculated in two ways for the purposes of the co contribution scheme: n when used to determine a person s eligibility for a co contribution (the 10% test) total income is not reduced by allowable business deductions, and n when used to determine a person s total income for calculating the co contribution payable, total income is reduced by allowable business deductions. 10 Co contributions for the self employed

13 SOLUTIONS 06 EXERCISE 1 False We will continue to provide $1.50 for every $1.00 of personal super contributions, up to the maximum co contribution of $1,500 except for the year. There has been no change to the matching amounts under the changes, except for the year. To read the relevant legislation, refer to Section 9 of the Superannuation (Government Co contributions for Low Income Earners) Act 2003 EXERCISE 2 False Before 1 July 2007, self employed people did not have access to the co contribution unless 10% or more of their total income is attributable to eligible employment (that is, income earned as an employee). From 1 July 2007, 10% or more of their total income may be attributable to eligible employment and/or carrying on a business. To read the relevant legislation, refer to paragraph 6(1)(b) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 EXERCISE 3 True The co contribution is only available for a personal super contribution to the extent that we have not allowed the contribution as a deduction. To read the relevant legislation, refer to subsection 7(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 EXERCISE 4 The correct answers are (a) and (c) A roll over super benefit and a lump sum paid from a foreign super fund are not eligible for a co contribution. To read the relevant legislation, refer to paragraph 7(1)(c) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 EXERCISE 5 False Personal super contributions made by self employed people from 1 July 2007 (not 1 January 2007) to the extent that they are not claimed as an income tax deduction are eligible for the co contribution. To read the relevant legislation, refer to subsection 7(1) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 EXERCISE 6 The correct answer is (b) Total income used to calculate the co contribution payable and for comparison against the income thresholds, is calculated as assessable income plus reportable fringe benefits less allowable deductions for individuals who carry on a business. The main reason for this is to ensure that self employed individuals with high gross business receipts and low profit margins do not arbitrarily exceeding the co contribution higher income threshold. To read the relevant legislation, refer to subsection 8(2) of the Superannuation (Government Co contribution for Low Income Earners) Act 2003 Co contributions for the self employed 11

14 More information If you need more information about co contributions, you can: n visit our website at or n phone If you do not speak English well and want to talk to a tax officer, phone the Translating and Interpreting Service on for help with your call. If you have a hearing or speech impairment and have access to appropriate TTY or modem equipment, phone If you do not have access to TTY or modem equipment, phone the Speech to Speech Relay Service on Co contributions for the self employed

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