From 1 July 2014 the minimum amount of superannuation employers are required to pay on behalf their employees has increased to 9.50% up from the pervious rate of 9.25%.
Please click here for the full article.
From 1 July 2013 the minimum amount of superannuation employers are required to pay on behalf their employees will increase to 9.25% up from the current rate of 9%. The rate is set to increase annually for the next 7 years to 12% by 2019.
Along with this change the government has also removed the super guarantee upper age limit, previously employers where not always required to pay superannuation for employees over the age of 70, this is no longer the case.
A failure by employers to pay the correct amount could result in penalties and interest charges. If you have any queries on superannuation guarantee do not hesitate to contact us at NGJ Accounting.
A recent report released by the Australian Tax Office (ATO) has shown a sharp rise in the reporting of e-mail scams. In the March 2013 quarter almost 11,000 reports were made to the ATO up from under 4,000 in the same quarter last year.
The ATO reminds people that they will never send an email asking to confirm, update or disclose any confidential details such as your name, date of birth, address, bank or credit card details.
Below are a few tips on how to protect your identity:
Do not provide your tax file number unless you are certain about the authenticity of the person requesting it.
When using social networking sites such as Facebook or Twitter be careful about the personal information you disclose and customise your security settings to ensure your profile is only accessible to those you trust.
Ensure your computer has up-to-date security software including anti-virus, anti-spyware, anti-spam and firewall protection.
If you think you may have been the victim of a scam, or that your identity has been stolen, contact the ATO immediately by phoning 1800 060 062.
From 1 July 2012 as part of the Household Assistance Package the tax-free threshold has increased from $6,000 to $18,200. This means if, during the 2013 year you earned less than $18,200 you will not need to pay tax. However you may still be required to lodge a tax return in certain circumstances.
If you are unsure whether or not you are required to lodge a tax return please contact NGJ Accounting.