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| December 2007 | Enquiries/Feedback
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| Tax Office targeting employer SG compliance The ATO has announced that it will be taking a closer look this year at employer compliance with Superannuation Guarantee obligations. Smaller employers will be targeted in particular to identify those who are at most risk of not complying. As well as following up on around 12000 SG complaints received directly from employees, the ATO expects to carry out 2700 field audits, 1300 phone reviews and send written reminders to 26000 employers. For more information see pages 24–25 of the ATO’s Compliance Program 2007-08. The ATO offers a number of tools to help you comply with your SG obligations, including an SG eligibility decision tool and contribution amount calculator. Get ready for the new SG earnings base The way you calculate your SG contributions is changing in 2008 – with just over six months to go, now is the time to start getting ready for the new requirements. From 1 July 2008, employers must use ordinary time earnings (OTE) to calculate the 9% SG contributions they pay. OTE may include bonuses, commissions, shift allowances, some motor vehicle expenses etc. There are a number of steps you’ll need to take between now and OTE-day to determine how this change might affect your business and how best to respond. The steps are:
Your team at Aon can help you prepare for and meet the new requirements. Please call your account manager for more information or to arrange a meeting to discuss your needs. While we’re on SG, here’s a reminder about showing super contributions on payslips. If you have employees working under a federal award or agreement, their payslips must show the amount of the contribution and the name of the super fund. For more information on payslip requirements and best practices, see the Government’s factsheet. Election news: super-style home saver accounts Labor’s in and, assuming they make good on their election promises, saving for a first home could soon become much easier. According to Kevin Rudd, Labor’s plan for superannuation-style First Home Saver Accounts aims to “restore hope in the Australian dream” of people owning their own house. The plan allows up to $10000 pa to be deposited into a First Home Saver Account and interest earned will be taxed at a maximum rate of 15%. Individuals who are 18 or older can contribute up to $5000 pa from before-tax pay (reducing their taxable income), and they or a third party (for example, a parent) can contribute up to $5000 pa from after-tax pay. The maximum deposit is $50000 over five years. Withdrawals can be made after four years but only for a first-home purchase. Source: theage.com.au, 5 November 2007. Good news for UK pension transfers The Aon Master Trust can now accept pension transfers from the UK with access to favourable tax treatment in the UK and Australia. Aon Master Trust Personal Super is registered in the UK as a qualifying recognised overseas pension scheme (QROPS), which means we can accept UK pension transfers. Our QROPS status also offers access to favourable UK tax treatment on the amount transferred (it could be tax-free). Tax concessions may apply in Australia too. The November issue of Directions for members outlines the key points and you can read about the transfer process and issues to consider in Transferring your UK pension benefit to the Aon Master Trust. Using our electronic forms or Complete Management System will streamline your membership and contribution activities, saving you valuable time and business resources. Electronic forms Completing and submitting your forms electronically gets the job done a lot faster than handwriting and snail mail. These easy-to-use excel spreadsheets are available on the website:
Complete Management System Go a step further with Aon’s Complete Management System (CMS). If you register for CMS, you can update membership records online (new members, changes, exits) and obtain reports at any time. CMS will also enable you to securely and conveniently pay and allocate super contributions to multiple funds online. Interested? Drop us an email, contact your account manager or call us on 1300 880 588. Enquiries If you have any super enquiries over the Christmas/New
Year break, please note that our offices will be open
Transactions For transactions to be processed by the end of December, please ensure that we receive them by 17 December to allow for processing time. For feedback, questions or more information…
Disclaimer The information in this document is general in nature. Your personal objectives, needs or general situations were not taken into account when preparing this information. You should consider the appropriateness of any general advice before acting on it, having regard to your own objectives, financial situation and needs. If the information relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement before making any decision to purchase that financial product. Depending on the terms of the particular plan, the Trustee may receive remuneration in respect of the superannuation interests that it issues. For providing personal advice that results in the issue of an interest in the Aon Master Trust, Aon Consulting Pty Limited may receive remuneration from the Trustee. Employees and directors of Aon Consulting Pty Limited are remunerated by way of salary, but may receive bonuses based on the quality and amount of services provided. This document has been prepared by Aon Consulting Pty Limited (ABN 48 002 288 646, AFSL 236667) a related body corporate of the trustee of the Aon Master Trust (RSE R1000566), Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL 237465, RSE L0000437). This is a relationship that might reasonably be expected to be capable of influencing Aon Consulting Pty Limited when the company provides financial advice to clients in respect of the Aon Master Trust. © 2007 This work is copyright. Apart from any
use permitted under the Copyright Act 1968, no part may be reproduced
by any process nor may any other exclusive right be exercised without
the permission of Aon Consulting Pty Limited.
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