The 2011 Federal Budget made significant changes to superannuation measures that can possibly impact upon the way you manage your employee’s superannuation contributions, as well as your own. You should be alert of these so that you can support your employees in making conclusions related to superannuation.
Excess Concessional Contributions
For contributions made on or after 1 July 2011, taxpayers who infringement the concessional contribution cap by up to $10,000 may be able to request the return of the excess. This will then be taxed at their limited rate.
Employers will be demanded to include the volume of super contributions actually paid into employees’ super accounts on payslips. Super funds will also be needed to alert employees and employers on a frequent basis if regular payments cease.
Here at The Quinn Group our knowledgeable crew of Financial Planners, Accountants and Lawyers can provide you with the total remedy and assist you with all your superannuation needs. If you have any inquiries with regards to these new modifications and how they may impact your business, contact Peter Quinn by submitting an online enquirer or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information and facts in this document does not take into account your personal targets, financial situation or needs and so you should look at its appropriateness having regard to these aspects before acting on it. It is significant that your personal circumstances are taken into account before making any financial decision and it is advised that you seek assistance from your financial adviser.
Quinn Financial Services,
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