POWERED BY MOMENTUM MEDIA
ATO gives employers breathing room
To help employers meet their superannuation guarantee requirements, the Australian Taxation Office (ATO) has extended the deadline for employers to obtain benefit certificates for staff in defined benefit superannuation funds to December 31, 2008.
The ATO has announced it won’t apply any super guarantee charges for employers trying to meet their super guarantee requirements for the quarter ending September 30, 2008.
According to the ATO, the changes to the way super guarantee contributions are calculated means that existing benefit certificates that use an earnings base lower than ordinary time earnings (OTE) beyond July 1, 2008, must be replaced with certificates that incorporate OTE requirements from July 1, 2008.
Charges will not be applied for employers who have contributed the required amount under a previous benefit certificate by October 28, 2008, obtained a new benefit certificate by December 31, 2008, and topped up any super guarantee contributions within 28 days of receiving the new benefit certificate.
AUTHOR
Lucie Beaman
Recommended for you
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
