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Superannuation funds can claim a capital gains tax discount where the asset has been owned for at least 12 months. The discount applicable to superannuation funds is 33%, reducing the effective tax rate on capital gains from 15% to 10%. [8] No discount or adjustment is available if an asset is sold at a loss.
An employee may request that their employer makes all or part of future payments of earnings into superannuation in lieu of making payment to the employee. Such an arrangement is known as "salary sacrifice", and for income tax purposes the payments are treated as employer superannuation contributions, which are generally tax deductible to the ...
The PAYG system involves regular payments made by employers and other payers, for example, superannuation funds. It is used to collect by instalments income tax, HELP repayments, Medicare and other payments. PAYG amounts to be withheld are determined based on the Australian Taxation Office (ATO) PAYG schedules. [9]
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
This is done by the ATO requiring paying entities (e.g., banks, employers, public companies, superannuation funds, Centrelink and others) to electronically provide the ATO with information of certain types of payments made by them, together with the associated TFN of the recipient.
From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise. Given that over 75% of employees stay with their employers’ default fund, it was expected that the majority of employees would be in a MySuper product from that date.
A Payroll Tax liability arises in South Australia when an employer (or a Group of employers) has a wages bill in excess of $600,000 for services rendered by employees anywhere in Australia if any of those services are rendered or performed in South Australia. [35] From 1 July 2012: [32] The rate of payroll tax is 4.95%. The annual threshold is ...
Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income ...