Salary sacrifice vs personal contributions to super

If you are an employee, there are two ways in which you can optimise the tax-effectiveness of your additional super contributions:

  • Opt for a salary sacrifice arrangement, whereby your employer makes additional superannuation contributions beyond the compulsory superannuation guarantee (SG) amount from your pre-tax earnings and reduces your salary accordingly; or
  • Make a personal contribution and claim a tax deduction when you submit your tax return.

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Is your company compliant Sciacca Accountants Stafford

Is your company compliant?

IS YOUR COMPANY COMPLIANT?

 

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What we don’t often do at the end of a calendar year is legal compliance housekeeping, but perhaps we should. Legislation and regulations change throughout the year and these have an impact on your business.  Perhaps your company took on more employees and has a higher turnover?  These are excellent indicators of growth and success but also have the potential to attract new legal obligations.

Here is a list of 5 commonly overlooked legal issues you should review to ensure that your company is compliant this year…

Know the rules !

Are you SuperStream ready

Are you SuperStream ready

Time is running out to get SuperStream ready

Are you SuperStream ready

With only two quarters left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.

It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle! If you haven’t done so already your options to get ready include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATOs free Small business superannuation clearing house).

You can also ask your accountant or bookkeeper for help.

An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 January. This gives you time to check that things are running smoothly before the deadline.

Use our Employer checklist for a step-by-step guide on all you need to do.

 

Changes to car allowances

Changes to Car Allowances

 

CHANGES TO CAR ALLOWANCES

 

CHANGES TO CAR ALLOWANCES

 

Claiming work-related car expenses is a common tax-time claim for many taxpayers. In fact, almost 4 million taxpayers claim the deduction each year. There are of course certain rules that must be adhered to in claiming these expenses and these days, the Australian Tax Office takes a close interest in such claims given the cost to the revenue.

The Treasurer announced in the 2015-16 federal budget that the methods used for calculating work-related car expense deductions would be simplified and modernised – in other words, changed.

Currently, taxpayers have an option to use one of four methods to determine their work-related car expense deductions:

  • cents per kilometre
  • logbook method
  • the 12% of original value method, and
  • one-third of actual expenses incurred.

Changes to car allowances mean if you are paying your employees a car allowance in excess of 66c per kilometre, you need to withhold tax on the amount you pay over 66c.

If you haven’t been doing this since July 2015, you should begin to withhold tax on the amount you pay over 66c and advise your employees.

What if your employees think that not withholding until now might result in them getting a tax bill?

Depending on the amount you’ve paid them, this shouldn’t have a significant impact on their tax for the year. But you can agree to increase the amount you withhold for the remainder of the financial year to cover the shortfall.

Sciacca Accountants, Stafford

Sciacca’s News – December 2015

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As we come to the end of 2015, the words that come to mind are “thank you.”  This has been an amazing year.

We thank you for your continued support and wish you and your loved ones a joyful and relaxing holiday season.

All the best in 2016 and beyond!

Best regards from the entire Sciacca Group team.

Sciacca’s News – November 2015

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As another new year approaches, it is the perfect time to take a good look at where your business is heading in light of the current business environment and to develop new goals for the upcoming year. The best way to take this proactive and positive step in your business, is to use strategic thinking and planning. We’re here to help you achieve your goals in 2016.

This month we’re talking about:

  • Identifying ways to improve your business in 2016
  • Claiming GST & fuel credits
  • Beware of fake calls and scams

If you have any queries, please get in touch.

>> READ NEWSLETTER

Sciacca’s News – September 2015

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This month the focus is on getting the RIGHT advice.

It’s easy to get bogged down in information. We’re bombarded every day on social media, in the news and well meaning people telling us what we SHOULD be doing. And while it may work well for them, it doesn’t mean its right for you!

So if you have any questions about your financial decisions, please get in touch and get the right advice.

This month we’re talking about:

  • How to get the best from your accountant
  • Phone Scams and what you need to know
  • What you need to tell ASIC

If you have any queries, please get in touch.

>>READ NEWSLETTER

Sciacca Accountants, Stafford

Sciacca’s News – August 2015

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It’s August and we’re well and truly past the halfway mark of 2015. How are you tracking? Do you have all the information you need to make the right decisions for you and your business?

Remember we’re here to help. We’re not just number crunchers! If you need someone to help you achieve your financial goals, please get in touch and get the right advice.

This month we’re talking about:

  • What you need to be looking at for your business to succeed
  • ATO Apps for business
  • Registration for myGov

If you have any queries, please get in touch.

>>READ NEWSLETTER