Salary Packaging Lay Staff

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Salary Packaging Lay Staff"

Transcription

1 Salary Packaging Lay Staff Version Approved by Current as at 1 Senior Leadership Team 12 June Policy Statement The Uniting Church in Australia, Synod of Victoria and Tasmania (the Synod) acknowledges the important contribution of its employees and aims to provide a salary packaging policy to assist with the attraction and retention of high quality employees. It is the policy of the Synod to offer salary packaging to all full time and part time employees who have satisfactorily completed their probationary period. 1.1 ETHOS AND VALUES OF UNITING CHURCH IN AUSTRALIA As an employer, we express the ethos of Christianity to love one another, to live justly and to seek the reconciliation and renewal of all creation by respecting ourselves and all whom we serve and employ. We strive to do so by: Being inclusive Acting and advocating for a just society Working for peace and justice in the World Having an openness to the wisdom of people of other faiths and views Implementing environmentally sustainable practices In our workplace we value justice, inclusion, compassion, shared leadership, respect, integrity, wise stewardship and innovation. Consideration should be given to the ethos and values in seeking guidance and interpretation surrounding this policy. 1.2 SCOPE This policy applies to all permanent full time and part time Synod employees and operates in conjunction with the terms and conditions of employment of Synod employees; has been developed within the framework of existing legislation and may be varied or discontinued by the Synod in response to legislative or other regulatory changes which are disadvantageous to the organisation. not all employees will benefit from salary packaging. Salary Packaging Lay Staff Policy 1

2 1.3 PRINCIPLES UNDERPINNING PROCESS a) Natural justice / procedural fairness b) Safe Place c) Understanding of Power d) Boundaries e) Privacy / confidentiality 1.4 DEFINITIONS Fringe Benefits Fringe Benefits Tax Fringe Benefits Tax Year Grossing Up Packaged Salary Component Taxable Fringe Benefits Total Remuneration Cost A fringe benefit is the right, benefit, provision of a service or facility, that is provided to an employee in relation to the performance of their work and which is not remuneration by way of salaries and wages. Fringe benefits tax (FBT) is the tax payable to the ATO incurred on providing fringe benefits to employees. The fringe benefits tax year runs from April 1st, to March 31st. Benefits paid to, or on behalf of the employee during this period, are reported on the employees payment summary for the income tax year ending the following June 30th. *Note it is paid benefits, not accrued or entitlement to benefits which is reported. This refers to the cost or value of the fringe benefits provided to the employee being recalculated to reflect what they would have cost the employee, had the employee paid for them out of after tax salaries and wages income. The maximum grossed up amount of benefits that can be claimed on a reduced FBT rate by a rebatable employer is $30,000. This equates to a maximum of $16,049 and minimum of $14,529. Taxable salary payable excluding Fringe Benefits component, but including taxable allowances and additional payments not included for the purposes of remuneration packaging. Normally the figure used for the calculation of PAYG tax. Rebatable employers are taxed at a reduced rate for amounts up to $30,000 gross up and then at the full rate above. Items included in this cost are the employees base salary plus position related benefits, salary packaging and FBT i.e. the total to the employer of all cash and non cash benefits including: motor vehicle, housing, employer superannuation contributions, annual leave loading. 1.5 POLICY OWNER This policy is implemented and maintained by the Director People and Culture, UCA Synod. Salary Packaging Lay Staff Policy 2

3 1.5 FURTHER ASSISTANCE Any staff member who requires further assistance in understanding or applying this policy, can contact a member of the People and Culture team. 1.6 POLICY REVIEW This policy will be reviewed every two years or earlier if required. 1.7 RELATED POLICIES AND PROCEDURES Recruitment and Selection Policy Remuneration Policy 2.0 Policy in Practice Salary Packaging for Synod employees will be offered in accordance with this policy and associated guidelines. The Synod is a rebatable employer for tax purposes and salary packaging, although not all employees will be meet the legislative and taxation guidelines. The Synod uses EPAC Salary Packaging except for superannuation. For salary sacrificing to superannuation please contact the Payroll Officer. EPAC Salary Solutions Customer Service Hotline: Customer Service Fax: Internet: WHAT IS SALARY PACKAGING? Salary Packaging is a means for accessing tax concessions that the Australian Taxation Office (ATO) allows not-for-profit organisations to offer their employees. 2.2 WHO IS ELIGIBLE FOR SALARY PACKAGING? The Synod full time and part time employees who have satisfactorily completed the required probationary period or extended probationary period are eligible for salary packaging. Staff who are interested in salary packaging are responsible for obtaining their own financial advice in relation to costs and benefits. 2.3 IS THERE A SALARY PACKAGING FORMULA? There is no standard salary package formula that will suit every employee and all packages will be a negotiated arrangement between the employer and employee. Normally, the employee will have an after-tax net benefit (at no additional cost to the employer) through salary packaging. Salary Packaging Lay Staff Policy 3

4 2.4 HOW IS SUPERANNUATION CALCULATED ON A SALARY PACKAGE? Employees entering into salary packaging arrangements will be paid Superannuation Guarantee Contribution on the full value of the package, rather than on cash salary only. 2.5 INFORMATION AND SIGNED AGREEMENT Employees who elect to salary package will be provided with written information about the impact of salary packaging, including advice of costs, calculation of the expected benefits and an agreement. Both parties must sign an agreement which documents the terms of the arrangement prior to implementation of salary-packaging arrangements. 2.6 EMPLOYEE PAYMENT SUMMARY Under current ATO legislation all salary benefits must be reported in a separate section on an employee s payment summary at the grossed up Type 2 rate amount. This is irrespective of whether it is a Type 1 or Type 2 benefit. While this amount will not attract income tax, it will be taken into account as income when assessing the Medicare levy and some other government payments and allowances. 2.7 BENEFITS WHICH MAY BE SALARY PACKAGED A range of options exists in relation to salary packaging benefits, however the Synod reserves the right to refuse particular benefits which may not be consistent with the Synod s ethics and values. Examples of benefits which may be salary packaged include: (a) groceries (b) petrol (c) bills (d) retail shopping (e) personal loan payments (f) mortgage payments (g) school fees (h) car payments and running costs (i) All benefits must be non-cash items and would usually be paid to a third party. However, an employee can be reimbursed for expenditure they have incurred, but only after a receipt has been provided to EPAC Salary Solutions. 2.8 SALARY PACKAGING AND TAX DEDUCTIONS Employees cannot package an item that they subsequently wish to claim as a deduction on their tax return (for example, self-education expenses). Salary Packaging Lay Staff Policy 4

5 2.9 SYNOD MOTOR VEHICLES PRIVATE USE The amount of reportable fringe benefits, and the grossed up $30,000 limit before the full Fringe Benefit Tax (FBT) becomes payable, includes any private use of a Synod car as well as the salary packaging. Commuter use will, almost without exception, be deemed by the ATO to be private use. This applies even if the employee is on call, has no entitlement to use the vehicle for any private activity other than commuting, and the vehicle is a "pool car". This can potentially place someone over the $30,000 cap therefore it should be taken into account when finalising the amount the employee will be allowed to salary package if there is a likelihood they could be provided with commuter or greater use of an agency vehicle within the FBT year CONDITIONS OF PROVISION OF SALARY PACKAGING TO THE SYNOD EMPLOYEES It is the intention of the Synod to maintain a salary packaging program for eligible staff. However, where the relevant legislation, including but not limited to the Fringe Benefit Tax Act 1986 and the Income Tax Assessment Act is amended or other changes occur including but not limited to the sale or transfer of the business to another entity or person which have the effect of reducing or withdrawing the benefits of salary packaging to the Synod or the employee, the Synod will not be liable to make up the salary benefits lost by a staff member as a consequence of such changes. Where any changes increase the cost of packaging to the Synod, then these costs shall either be paid by the staff member participating in packaging or the staff member or the Synod may choose to cease the arrangement. For clarity, the parties agree that in the event that the salary packaging ceases to be an advantage to an employee, or an employee decides, for whatever reason, to stop participating in salary packaging, arrangements shall be made to reinstate the salary to the agreed amount packaged. Any costs associated with the conversion to salary shall be borne by the employee and the employer shall not be liable to make up any benefit lost as a consequence of an employee's decision to convert to salary. The Synod makes no claim or representation regarding the financial benefits of salary packaging for any individual employee and recommends staff considering salary packaging seek independent financial advice. The Synod shall not be responsible in any way for the cost or outcome of such advice SALARY PACKAGING AND TERMINATION OF EMPLOYMENT The total salary will be used as the basis for calculating all termination/ redundancy payments e.g. annual leave, annual leave loading, long service leave, severance and payments in lieu of notice. If the employee has a credit balance in their salary packaging account at the date of termination the amount owing will be paid on the date of termination and will be taxed as normal salary and wages. Salary Packaging Lay Staff Policy 5

University-wide. Staff Only Students Only Staff and Students. Vice-Chancellor. Director, Human Resources

University-wide. Staff Only Students Only Staff and Students. Vice-Chancellor. Director, Human Resources Name of Policy Salary Packaging Policy Description of Policy This policy covers the provision for Salary Packaging at ACU. University-wide Policy applies to Specific (outline location, campus, organisational

More information

SALARY SACRIFICING Voluntary Superannuation Contribution (VSC)

SALARY SACRIFICING Voluntary Superannuation Contribution (VSC) Page 1 NATIONAL PAYROLL OFFICE SALARY SACRIFICING Voluntary Superannuation Contribution (VSC) Created by Finance QMS_Salary Sacrificing Voluntary Super Contribution Initial date: 1 June 2012 Reviewed:

More information

Revision Number: 1. BSBFIM502A Manage payroll

Revision Number: 1. BSBFIM502A Manage payroll Revision Number: 1 BSBFIM502A Manage payroll BSBFIM502A Manage payroll Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes the performance outcomes, skills and knowledge

More information

Monash University. Novated Lease Vehicle Policy

Monash University. Novated Lease Vehicle Policy Novated Lease Vehicle Policy Please note: changes and modifications to this policy and its attachments may occur from time to time without prior notice. It is encouraged that you review the policy on the

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

Employee Information Guide. Salary Packaging

Employee Information Guide. Salary Packaging Guide Salary Packaging April 2014 Contents Contents... 2 Disclaimer... 4 1. Introduction... 5 1.1 About this guide... 5 1.2 Financial Advice... 5 1.3 What is Salary Packaging?... 5 1.4 Who is eligible

More information

GUIDE TO SALARY PACKAGING A CAR

GUIDE TO SALARY PACKAGING A CAR GUIDE TO SALARY PACKAGING A CAR TABLE OF CONTENTS INTRODUCTION 3 WHY SALARY PACKAGING A CAR WITH PAYWISE 3 HOW SALARY PACKAGING A CAR WORKS 4 EMPLOYMENT TERMINATION 6 EARLY TERMINATION 6 GET STARTED 6

More information

streetfleet novated leasing guide

streetfleet novated leasing guide streetfleet novated leasing guide Drive your business further Contents About this guide 1 What is a novated lease? 2 Novated finance lease 2 Novated operating lease 3 Lease inclusions 4 Service and maintenance

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

South Australian Building Industry. Redundancy Scheme Trust EMPLOYERS GUIDE

South Australian Building Industry. Redundancy Scheme Trust EMPLOYERS GUIDE South Australian Building Industry Redundancy Scheme Trust EMPLOYERS GUIDE Contents Page The Trust 3 Registering as an Employer 4 Registering your Employees 4 Paying Contributions 5 Lodging and Paying

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund

More information

StreetFleet Novated Leasing. A practical guide to salary packaging your car.

StreetFleet Novated Leasing. A practical guide to salary packaging your car. Novated Leasing A practical guide to salary packaging your car. Thank you very much for your prompt action. I am very impressed by how quickly everything has been actioned. I would happily recommend to

More information

Private health insurance rebate and Medicare levy surcharge changes. June 2012

Private health insurance rebate and Medicare levy surcharge changes. June 2012 June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

More information

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...

More information

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com.

AUTOMOTIVE UPDATE. Trust distribution. Division 7A loan and unpaid present entitlement. Partner, Brisbane Tel: +61 7 3237 5744 mark.ward@bdo.com. AUTOMOTIVE UPDATE AUTOMOTIVE tax planning 2013 With another financial year end fast approaching, BDO s automotive team provides some guidance on practical measures to minimise your dealership s tax position

More information

INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014.

INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014. INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014. To assist us in preparing your income tax return, please use this checklist when compiling your information.

More information

1 What is the role of a financial planner when advising a client about retirement planning?

1 What is the role of a financial planner when advising a client about retirement planning? Questions with Guided Answers by Graeme Colley 2013 Reed International Books Australia Pty Limited trading as LexisNexis. Permission to download and make copies for classroom use is granted. Reproducing

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

Salary Sacrifice (Novated Vehicles) Guideline

Salary Sacrifice (Novated Vehicles) Guideline Salary Sacrifice (Novated Vehicles) Guideline Policy Hierarchy link This guideline is linked to the Fleet Management Policy Responsible Officer Manager, Campus Services, Ext: 53978 Contact Officer Manager,

More information

An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes.

An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes. Version: 1.7.2013 South Australia Payroll Tax Act 2009 An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes. Contents

More information

Individual & Family Tax Measures

Individual & Family Tax Measures Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

More information

Associate Lease Benefit Profile

Associate Lease Benefit Profile Associate Lease Benefit Profile Introduction In an Associate Lease Benefit, the Associate leases their car to the Employer who then makes it available to the Employee as a Car Fringe Benefit. The car may

More information

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES 1. Introduction Categories of Arrangements. 2. Benefits of Vehicle Leasing. 3. Lease Contract Conditions. 4. Understanding the Commitment. 5. Safety Nets.

More information

Salary Packaging Issues

Salary Packaging Issues Salary Packaging Issues Murray Nicholls Saward Dawson Session overview 1. Terminology & basics 2. Specific issues for pastors 3. Options for other church staff 4. How salary packaging affects government

More information

1. SUPERANNUATION 2. PRE-PAY INTEREST AND SMALL ASSET WRITE-OFFS

1. SUPERANNUATION 2. PRE-PAY INTEREST AND SMALL ASSET WRITE-OFFS 1. SUPERANNUATION Superannuation still represents a wonderful tax planning opportunity for most investors. Whether you are self-employed or an employee, the tax benefits of investing surplus funds into

More information

Pay as you go withholding

Pay as you go withholding Introduction for employers Pay as you go withholding What you need to know Our commitment to you We are committed to providing you with accurate, consistent and clear information to help you understand

More information

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

More information

What s New? No limit on salary sacrifice for superannuation contributions to a complying fund. Pages 6 to 11

What s New? No limit on salary sacrifice for superannuation contributions to a complying fund. Pages 6 to 11 SOUTH AUSTRALIAN GOVERNMENT SALARY SACRIFICE INFORMATION BOOKLET OFFICE HOLDERS REMUNERATION TRIBUNAL DETERMINATION What s New? No limit on salary sacrifice for superannuation contributions to a complying

More information

Understanding Tax Version 1.0 Preparation Date: 1st July 2013

Understanding Tax Version 1.0 Preparation Date: 1st July 2013 Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation

More information

APESMA GUIDE TO remuneration

APESMA GUIDE TO remuneration APESMA GUIDE TO remuneration p a c k a g i n g The Association of Professional Engineers, Scientists and Managers, Australia contents Introduction 2 Remuneration packaging: What is it? 2 How does it work?

More information

Understanding tax Version 5.0

Understanding tax Version 5.0 Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

More information

FNSBKG405A Establish and maintain a payroll system

FNSBKG405A Establish and maintain a payroll system FNSBKG405A Establish and maintain a payroll system Revision Number: 1 FNSBKG405A Establish and maintain a payroll system Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes

More information

Salary Packaging Policy and Procedure Manual

Salary Packaging Policy and Procedure Manual Policy Directive Ministry of Health, NSW 73 Miller Street North Sydney NSW 2060 Locked Mail Bag 961 North Sydney NSW 2059 Telephone (02) 9391 9000 Fax (02) 9391 9101 http://www.health.nsw.gov.au/policies/

More information

POSITION DESCRIPTION AND SELECTION CRITERIA. (PART TIME) Ti Tree Community

POSITION DESCRIPTION AND SELECTION CRITERIA. (PART TIME) Ti Tree Community POSITION DESCRIPTION AND SELECTION CRITERIA POSITION TITLE: REPORTING TO: CENTRELINK OFFICER (PART TIME) Ti Tree Community SHIRE SERVICE MANAGER OBJECTIVES OF THE POSITION: Operating under the direction

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants ATHANS&TAYLOR Chartered Accountants 2015 TAX RETURN CHECKLIST With the end of financial year fast approaching, we have compiled a checklist regarding income expenses that need to be on hand for the preparation

More information

Salary Packaging. Employee Information Booklet

Salary Packaging. Employee Information Booklet For more copies please Email:info@salary.com.au Salary Packaging Employee Information Booklet Managed by Visit www.salary.com.au today And view your salary package As at July 2009 FOR FAST, FRIENDLY SERVICE,

More information

Issue Number 78 End Of Year Tax Planning - 30th June 2012

Issue Number 78 End Of Year Tax Planning - 30th June 2012 INDEX The 2012 Financial Year Is Coming To An End... 1 End Of Year Tips... 1 Taxing Of Trading Income... 2 End Of Year Tax Planning Checklist 2012... 2 Small Business Entity Rules... 2 Deductions... 3

More information

Global Employer Services FBT update for the year ending 31 March 2016

Global Employer Services FBT update for the year ending 31 March 2016 Global Employer Services FBT update for the year ending 31 March 2016 1 April 2015 31 March 2016 FBT rates and thresholds Description Rate/threshold FBT rate on grossed up value of benefit 49% Gross-up

More information

Salary Packaging Policy and Procedure Manual

Salary Packaging Policy and Procedure Manual Policy Directive Ministry of Health, NSW 73 Miller Street North Sydney NSW 2060 Locked Mail Bag 961 North Sydney NSW 2059 Telephone (02) 9391 9000 Fax (02) 9391 9101 http://www.health.nsw.gov.au/policies/

More information

You will need to conduct a stocktake and account for the difference in value of opening and closing trading stock.

You will need to conduct a stocktake and account for the difference in value of opening and closing trading stock. T.SBE 10.10.10 Summary of small business entity tax concessions Taxpayers that meet the definition of a small business entity have access to a range of small business tax concessions (refer to F.SBE 20.10.10

More information

Payroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015

Payroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015 Australian Capital Territory A2011-18 Republication No 6 Effective: 25 November 2015 Republication date: 25 November 2015 Last amendment made by A2015-49 (republication for amendments by A2015-48 and A2015-49)

More information

Revision Number: 1. BSBFIA302A Process payroll

Revision Number: 1. BSBFIA302A Process payroll Revision Number: 1 BSBFIA302A Process payroll BSBFIA302A Process payroll Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes the performance outcomes, skills and knowledge

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super GESB Super and West State Super SUP E R ANNUATION Important note The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each

More information

Introduction to state and territory based taxes and duties and to Local Government imposts

Introduction to state and territory based taxes and duties and to Local Government imposts STATE TAXATION Introduction to state and territory based taxes and duties and to Local Government imposts General information... [5.2.101] Stamp duty... [5.2.102] Payroll tax... [5.2.103] Land tax... [5.2.104]

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU INDEX: ü Step 1 Getting started in business registrations Page 3-4 ü Step 2 What you need to know about business income tax Page 5 6 ü Step 3 Business Expenses what to claim Page 7 ü Step 4 Working from

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

Super terms explained

Super terms explained Super terms explained Here is a useful reference guide to some of the terms we use with Super. The guide provides plain English information about Super, but does not give formal legal definitions. For

More information

Salary Packaging Information Kit

Salary Packaging Information Kit Salary Packaging Information This booklet provides information about salary packaging for employees of Public Benevolent Institutions (PBI) and other charitable organisations. Salary packaging (also known

More information

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

In a nutshell... Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010. ...the full article follows

In a nutshell... Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010. ...the full article follows Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010 In a nutshell... Reportable fringe benefits and superannuation Payment summaries, detailing an employee s remuneration and taxes

More information

Financial Planning Fundamentals

Financial Planning Fundamentals Reference Guide February 2016 Financial Planning Fundamentals This document is an information reference to be used in conjunction with your Statement of Advice, Product Disclosure Statement(s) (PDS) and

More information

Technical Bulletin: Eligibility and process for claiming tax deductions for personal super contributions made in 2013/14

Technical Bulletin: Eligibility and process for claiming tax deductions for personal super contributions made in 2013/14 Technical Bulletin: Eligibility and process for claiming tax deductions for personal super contributions made in 2013/14 December 2013 1 In brief The finer points of the tax deduction rules need to be

More information

Pension-Related Deduction from the remuneration of public servants Frequently Asked Questions

Pension-Related Deduction from the remuneration of public servants Frequently Asked Questions Revision date: January 2016 Pension-Related Deduction from the remuneration of public servants Frequently Asked Questions 1 Frequently Asked Questions Section A: Section B: Introduction to the Pension-related

More information

- on termination due to redundancy

- on termination due to redundancy The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on

More information

4.1 General 4.2 Draft taxation determination TD2004/D1

4.1 General 4.2 Draft taxation determination TD2004/D1 4.1 General The following comments: are a general guide to the Australian taxation implications of selling your Shares in the Buy-back; may not apply to you if you buy and sell Shares in the ordinary course

More information

Superannuation Co-Contributions

Superannuation Co-Contributions Superannuation Co-Contributions The superannuation co-contribution is a government measure to boost superannuation savings. If you earn less than $61,920 a year, make personal superannuation contributions

More information

Contributions. Employer contributions

Contributions. Employer contributions Contributions AMIST Super Hotline 1800 808 614 The information in this document forms part of the Product Disclosure Statements for AMIST Super Employer Sponsored and Personal Divisions dated 18 June 2016.

More information

Understanding tax. Version 4.2

Understanding tax. Version 4.2 Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

Version 4.2 6 August 2012

Version 4.2 6 August 2012 Salary Packaging Manual Version 4.2 6 August 2012 http://www.sharedservices.act.gov.au/docs/salary_packaging_manual.pdf Table of Contents Contents Page No Disclaimer 3 Explanation of Terms 4 1.0 Introduction

More information

End of Year Income and Tax Planning Individuals - June 2013

End of Year Income and Tax Planning Individuals - June 2013 The tips below will assist you in your end of year income and tax planning strategies. These tips are not meant to be exhaustive nor applicable to each and every individual taxpayer. Further you should

More information

Novated lease guide. toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE

Novated lease guide. toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE Novated lease guide toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE Contents 1. What is novated leasing? 4 2. Understanding the costs 8 3. Understanding the tax benefits 11 4. Helping keep track

More information

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Under section 290-170 of the Income Tax Assessment Act 1997 Need Help? For more information about your eligibility

More information

How to complete the PAYG payment summary individual non-business form

How to complete the PAYG payment summary individual non-business form Instructions for PAYG withholding payers How to complete the PAYG payment summary individual non-business form Use these instructions when completing a PAYG payment summary individual non-business (NAT

More information

Novated Lease Explained

Novated Lease Explained Novated Lease Explained At nlc, we provide you with the easiest, lowest-cost way to own and run the car of your choice. We take care of all your automotive needs, including car purchase, finance, insurance,

More information

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT X Communication Plan (0909) Maxxia Pty Ltd Have you thought about buying a car and wondered if a novated lease

More information

Chapter 2. The Temporary Budget Repair Levy

Chapter 2. The Temporary Budget Repair Levy Chapter 2 The Temporary Budget Repair Levy 2.1 This chapter discusses the legislation introduced by the package of Temporary Budget Repair Levy (the Levy) bills. 2.2 The committee first gives a brief overview

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement MYSUPER AUTHORISATION NUMBER 72229227691044 1 July 2014 NESS Super, the industry fund to power your financial future inside 1 About NESS Super 2 2 How super works 2 3 Benefits

More information

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Release: 1. BSBADM505A Manage payroll

Release: 1. BSBADM505A Manage payroll Release: 1 BSBADM505A Manage payroll BSBADM505A Manage payroll Modification History Unit Descriptor This unit covers establishment and monitoring of security procedures related to managing payroll services,

More information

INTERNATIONAL EXECUTIVE SERVICES. Australia. Taxation of International Executives TAX

INTERNATIONAL EXECUTIVE SERVICES. Australia. Taxation of International Executives TAX INTERNATIONAL EXECUTIVE SERVICES Australia Taxation of International Executives TAX : Taxation of International Executives Overview and Introduction 3 Income Tax 4 Tax Returns and Compliance 4 Tax Rates

More information

Novated lease guide Contents 1.0 Introduction 1.0 Introduction 1 1.1 What is novated leasing? 2 1.2 How does novated leasing work? 3 1.3 Benefits of a novated lease 4 1.4 Novated lease vehicle packaging

More information

Superannuation Salary Packaging

Superannuation Salary Packaging Superannuation Salary Packaging Providing options on how to use your money Remuneration Services (Qld) Pty Ltd ABN 46 093 173 089 Authorised Representative (No. 293159) of McMillan Shakespeare Limited

More information

The Employer s Guide to Child support

The Employer s Guide to Child support The Employer s Guide to Child support Information for employers of separated parents humanservices.gov.au Contents Child Support services 3 Separation and the impacts on business 3 Employer deductions

More information

PeopleSoft HR 9.1 PeopleBook: Administer Salary Packaging

PeopleSoft HR 9.1 PeopleBook: Administer Salary Packaging PeopleSoft HR 9.1 PeopleBook: Administer Salary Packaging March 2012 PeopleSoft HR 9.1 PeopleBook: Administer Salary Packaging SKU hcm91fp2hhsp-b0312 Copyright 1988, 2012, Oracle and/or its affiliates.

More information

2014 Federal Budget Analysis

2014 Federal Budget Analysis For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with

More information

SAMPLE COURSE OUTLINE ACCOUNTING AND FINANCE GENERAL YEAR 11

SAMPLE COURSE OUTLINE ACCOUNTING AND FINANCE GENERAL YEAR 11 SAMPLE COURSE OUTLINE ACCOUNTING AND FINANCE GENERAL YEAR 11 Copyright School Curriculum and Standards Authority, 2014 This document apart from any third party copyright material contained in it may be

More information

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

PARBHU GALLAGHER PARAG LIMITED BUSINESS CHECKLIST. 2012 Financial Year

PARBHU GALLAGHER PARAG LIMITED BUSINESS CHECKLIST. 2012 Financial Year Client Name: (must be completed) PARBHU GALLAGHER PARAG LIMITED BUSINESS CHECKLIST 2012 Financial Year Please take the time to complete this checklist as it is a very important part of the accounting process.

More information

SAMPLE EMPLOYMENT AGREEMENT FOR OPTOMETRIST OR PROFESSIONAL STAFF

SAMPLE EMPLOYMENT AGREEMENT FOR OPTOMETRIST OR PROFESSIONAL STAFF SAMPLE EMPLOYMENT AGREEMENT FOR OPTOMETRIST OR PROFESSIONAL STAFF This information is provided for the general guidance of members. It is not intended as a substitute for specific legal, business or industrial

More information

Guidelines for Providing Cars April 2013

Guidelines for Providing Cars April 2013 April 2013 Introduction: The provision of cars for private use is a common practice amongst councils either as a private benefit in a senior staff contract of employment or as part of a leaseback arrangement

More information

April update focusses on matters affecting individuals

April update focusses on matters affecting individuals April update focusses on matters affecting individuals UPDATE SNAPSHOT Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions

More information

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

More information

THE TAX INSTITUTE. Tax Rates Table 2013-14

THE TAX INSTITUTE. Tax Rates Table 2013-14 THE TAX INSTITUTE Tax Rates Table 2013-14 taxinstitute.com.au Individual income tax rates Residents 2012-13 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19%

More information

Understanding business insurance

Understanding business insurance Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

April 2015 IN THIS ISSUE

April 2015 IN THIS ISSUE April 2015 IN THIS ISSUE Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions caps Changes to superannuation excess

More information

Allied Health Care Professionals: Issues in Tax Planning

Allied Health Care Professionals: Issues in Tax Planning Allied Health Care Professionals: Issues in Tax Planning Prafula Fernandez School of Business Law Curtin University of Technology Abstract A health care professional can provide personal services or conduct

More information

The University of Newcastle. Salary Packaging User Guide

The University of Newcastle. Salary Packaging User Guide The University of Newcastle Salary Packaging User Guide It s easier to leaseplan Table of Contents Introduction to SalaryPlan and Salary Packaging Administration 3 Reading this guide 3 What is salary packaging?

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

State Super retirement FuND

State Super retirement FuND State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430

More information

2.4 GST and Tax Invoices. 2.4.1 Introduction to the GST

2.4 GST and Tax Invoices. 2.4.1 Introduction to the GST 2.4 GST and Tax Invoices 2.4.1 Introduction to the GST The Goods and Services Tax (GST) commenced in Australia on 1 July 2000. The principle Act governing the operation of the GST is the Goods and Services

More information

2014/15 Year-end Checklist for Business

2014/15 Year-end Checklist for Business 2014/15 Year-end Checklist for Business Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately

More information

Understanding Business Insurance

Understanding Business Insurance Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to business insurance.

More information

EASIFLEET NOVATED LEASING EASIER THAN EVER. easifleet.com.au

EASIFLEET NOVATED LEASING EASIER THAN EVER. easifleet.com.au EASIFLEET NOVATED LEASING EASIER THAN EVER easifleet.com.au REDUCED INCOME TAX NO GST ON THE PURCHASE PRICE FLEET DISCOUNTED RUNNING COSTS NOVATED LEASING An easifleet novated lease makes vehicle ownership

More information

For adviser use only. Salary Packaging strategies to Minimise Taxation

For adviser use only. Salary Packaging strategies to Minimise Taxation For adviser use only Salary Packaging strategies to Minimise Taxation General Advice Warning This presentation has been prepared by IOOF Investment Management Limited (IIML), ABN 53 006 695 021, AFS Licence

More information