30 June 2010

Are your 2010 PAYG Summaries (Group Certificates) being issued correctly?

Reportable employer superannuation contributions

Employers with employees receiving salary sacrificed super contributions (or other "employee influenced" superannuation contributions) are now obligated to report these amounts on the 2010 PAYG payment summaries. Whilst these amounts are not included in the taxable income of the individual, they are used to calculate various tax offsets due to new Income Tests introduced in the 2010 financial year.

This is a new and complex area of reporting.  If this will affect you, or your employees, we suggest that if you have any doubts on how to handle correctly, you contact us before issuing your employees with their 2010 PAYG Summaries. Failure to report these amounts correctly can be a costly exercise to rectify both in time and money.

Click here for more information on Reportable Employer Super Contributions.

Reportable fringe benefits

A reminder to employers that, when preparing PAYG summaries,  the value of any reportable fringe benefits must be shown on each employees' PAYG summary.

For clients for whom we prepared fringe benefits tax returns, we have previously forwarded a schedule of reportable fringe benefits, which contained details of these amounts.

Please note that there is no reportable fringe benefit when the value of the fringe benefit is reimbursed, as opposed to when fringe benefits tax is actually paid.

Please contact us with any queries.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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