Tax and super news, 23/05/12

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Tax and super news, 23/05/12

New SG maximum contribution base | Genuine redundancy payments and early retirement scheme payments | Construction industry taxable payments reporting — fact sheet.

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New SG maximum contribution base | Genuine redundancy payments and early retirement scheme payments | Construction industry taxable payments reporting — fact sheet.

New SG maximum contribution base

The maximum superannuation contribution base sets the maximum limit on any individual employee’s earnings base for each quarter of any financial year.

An employer does not have to pay superannuation guarantee (SG) contributions for that part of an employee’s earnings above this limit.

The new maximum super contribution base for 2012–13 is $45,750 per quarter (increased from $43,820 per quarter in 2011–12).



Genuine redundancy payments and early retirement scheme payments

The limit set for the tax-free part of genuine redundancy payments and early retirement scheme payments has changed as follows:

Income year  Base limit For each complete year of service
2012–13 $8806 $4404
2011–12 $8435 $4218
 
 


Construction industry taxable payments reporting — fact sheet

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. The ATO has provided a fact sheet to assist these businesses with identifying whether the new rules apply to them and which payments to report.

From 1 July 2012, businesses will need to report if they are in the building and construction industry, and make payments to contractors for building and construction services, and have an Australian business number (ABN).

Payments must be made using the Taxable payments annual report.

For more details, see the fact sheet.
 
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