I have a small business tax / super question and my lovely accountant is on maternity leave.
I have to register for Super****** (only 2 employees) and I have no idea where to find the link :-/
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12-04-2015 07:01 #1
Tax questions, any accountants out there?
12-04-2015 07:07 #2
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12-04-2015 07:46 #3
Although my accountant did say register for super******.
12-04-2015 07:54 #4
I think the ATO clearing house is super ****** compliant
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15-04-2015 15:29 #5
At the moment is paying super compulsory for business owners (is it tracked by the ATO)? At the moment my husband (who like I explained works for himself, a company structure, family trust) and pays extra in our home loan rather than super.
From my understanding it will be linked to ATO after June 2016 if less than 19 employees.
My accountant sent an email stating the amount we 'need' to pay to super, but I'm assuming we won't get in trouble for now if we don't??
15-04-2015 15:58 #6
if your DH's company pays himself a wage, then he must pay super on that wage, and yes you will get in trouble if you do not.
Directors fees also must pay the SGC (Super Guarantee Contribution)
If his company pays him a dividend or some other types of payments, then no super is required.
If your accountant has said that you must pay super - you need to pay it ASAP. It is required to be paid 21 days after the end of each quarter, and there are big fines for the company if they dont - and in addition, if its not paid on time, the ATO will disallow a tax deduction for the contribution if you get audited.
Even though its your company, and the super is for you - the ATO/Govt are very full on about it.
15-04-2015 16:26 #7
We haven't paid in the past 3 years (different accountant). What is
the new super****** for then?
15-04-2015 17:27 #8
Ok, It's making much more sense now.
Im just wondering why my last accountant said don't worry about paying super, you can put extra $ in home loan while your young!
Dh has an ACN and set up as family trust. He doesn't "pay himself a wage" with a formal payslip each week etc.
15-04-2015 17:39 #9
if the payment to him is via a family trust (as a distribution from the trust) then he is not required to pay super.
As I said above - some types of payments you (the employer) are required to pay super for, and others you are not. Wages (that you pay PAYGW on) are required to have super contributions. Distributions from trusts do not.
I would ring your accountant and ask if you are actually required to pay super, and how much the SGC is to clarify. Perhaps the new accountant is simply suggesting that maybe you are better off to contribute ... rather than saying you have to IYKWIM
I agree with the previous accountant - if you are not actually required to pay into super, I would not while you are young. There are certainly tax benefits if you do - but the super rules are changing and the chances are that by the time you retire, the amounts you are able to be paid out of your superannuation fund will be substantially restricted ... so unless you are on a super high income and looking for tax minimisation strategies, I would not be contributing anything to super that you dont have to.
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