Reportable employer superannuation contributions Since 1 July 2009, salary sacrifice contributions are reportable employer superannuation contributions. If it is a normal Super Guarantee amount that is showing up as a reportable amount, you need to unlock the specific pay that it occurs in. Remove the Super item, tab to a new line. by Johnny Ching. There are new payment summaries to be used by employers for the 2009-10 year and onwards. RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. If your employer contributions are more than the amount required under the superannuation guarantee law, an industrial agreement, the trust deed or governing rules of a super fund, or a federal, state or territory law and the amount you contribute was influenced by the employee, see the information on ‘Reportable Contributions’. The table position of the Sponsored or Promoted product does not indicate any ranking or rating by Canstar. A review of superannuation contributions for the 2017–2018 financial year was also completed. Canstar’s superannuation comparison selector, Canstar Superannuation Star Ratings methodology, Canstar’s Financial Services and Credit Guide (FSCG), Financial Services and Credit Guide (FSCG). There are new payment summaries to be used by employers for the 2009-10 year and onwards. You also agree to Canstar's Privacy Policy. If you make extra super contributions for an employee – for example, under a salary sacrifice arrangement – you can choose to report and finalise this information through Single Touch Payroll. This deduction is pre-tax, reducing the taxable gross and is reported on end-of-year payment summaries as reportable employer super contributions. Please ensure you have entered a correct e-mail address. Performance figures shown for Sponsored or Promoted products reflect net investment performance, i.e. Discussion Reportable Superannuation Contributions on Payment Summary Author Date within 1 day 3 days 1 week 2 weeks 1 month 2 months 6 months 1 year of … Reportable Employer Super Contributions (RESC) are extra superannuation contribution amounts for an employee, such as a salary sacrifice agreement or an employer contribution. RESC generally includes salary sacrifice superannuation and other voluntary employer contributions including those made to Constitutionally Protected Funds. This is then taxed at 15 per cent by the super funds. Click here to learn more. Reportable employer super contributions From 1 July 2014, the payment of salary sacrifice superannuation and other additional* superannuation over and above the compulsory superannuation guarantee charge of 9.5%, paid by employers for employees, will need to be recorded on employees’ year end PAYG summaries. Looks like you missed something. How do I add reportable employer superannuation contributions to the payment summaries of employees. Make sure you have the information for the right year before making decisions based on that information. He has contributed super in his pre-tax income (paid by his employer), and made personal contributions too. Reportable Employer Super Contributions (RESC) From 1 July 2009, the ATO requires that some superannuation contributions that exceed the superannuation guarantee amount of 9% (for example, salary sacrifice and some salary packaged amounts), be reported on payment summaries. and to receive Canstar's Rate Checker emails and Home Loans newsletter. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Compulsory super contributions required by the governing rules of a super fund or required by an Australian federal, state or territory law. Superannuation contributions that exceed the superannuation guarantee amount are reportable, for example salary sacrifice and some salary packaged amounts. 437917. We need information about these extra contributions because they are included in the income tests for some government benefits and obligations. If you need to set up a superannuation contribution for an employee, you can do so by setting it as an ongoing contribution or adding contributions from within the pay run. Canstar is not providing a recommendation for your individual circumstances. The Superannuation Star Ratings in this table were awarded in March, 2020. When you prepare your payment summaries via Payroll>>Print Payment Summaries, on Step 5: Reportable Employer Super you get the option to link your superannuation categories. This bulletin explains what Reportable Employer Superannuation Contributions are and how they affect an individual‟s entitlement to a range of Government support payments and tax offsets. Reportable employer superannuation contributions are additional to the compulsory contributions your employer must make. They may appear in a number of areas of the website, such as in comparison tables, on hub pages, and in articles. appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN Employer super contributions made under a collectively negotiated industrial agreement. Use Canstar’s superannuation comparison selector to view a wider range of super funds. Reportable employer superannuation contributions affect a range of government entitlements and obligations for individuals. You report only the extra amount on the employee's income statement or Payment summary – you don't report compulsory super contributions, such as super guarantee payments. Investment profiles applied initially may change over time in line with an investor’s age. See, SunSuper’s allocation of funds for investors aged 55-99 differ from Canstar’s methodology – see details. Consider whether this advice is right for you. If you need to set up a superannuation contribution for an employee, you can do so by setting it as an ongoing contribution or adding contributions from within the pay run. © 2020 AHL By signing up, I agree to Canstar's According to the Australian Taxation Office (ATO), ‘reportable’ employer contributions are super contributions made by your employer which: They’re called reportable because, at tax time, either you or your employer will need to report them to the ATO. EXAMPLES OF REPORTABLE SUPERANNUATION CONTRIBUTIONS For more information, read Canstar’s Financial Services and Credit Guide (FSCG), and read our detailed disclosure, important notes and liability disclaimer. James Hurwood By signing in, I am subscribing to receive Canstar's Rate Checker February 12, 2019. Reportable Employer Super Contributions (RESC) Step 5 in the Payment summary assistant: Use this to assign superannuation categories which handle 'reportable' superannuation payments (as classified by the ATO guidelines). Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise. Then when you report your payroll information to the ATO after each pay run, the deduction will be reported correctly. Not RESC Employee’s award states 9.5 % but they have elected to have a further $100 deducted per pay run and paid to super before tax Yes RESC Reportable Employer Superannuation Contributions (RESC) Reportable super contributions are taken into account by the ATO when calculating the income tests for some tax offsets, deductions, concessions, the Medicare levy surcharge, and certain government benefits including some Centrelink payments. This is on top of the compulsory payments from your employer. optional contributions made as part of a salary sacrifice arrangement), are in some other way separate from and in addition to any compulsory contributions your employer must make, any personal contributions you have made during the financial year which are tax-deductible, any reportable employer super contributions your employer makes for you, The ATO advises that any non-concessional (after-tax) contributions you make are not reportable because that money has already been subject to tax – as opposed to concessional contributions such as salary sacrifices, which are pre-tax; you can read more about the two types of contributions. Reportable superannuation contributions also include any personal contributions made to a superannuation fund for which an income tax deduction is claimed on an individual's tax return. The payment Your enquiry has been sent to Aussie Home Loans. The total will form the reportable superannuation contribution amount." AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 ("Aussie") and its appointed credit representatives. Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786. Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 ("Aussie") and its Performance, fee and other information displayed in the table has been updated from time to time since the rating date and may not reflect the products as rated. emails and Home Loans newsletter. Your employer must make and other voluntary employer contributions ) ; less deductible child maintenance for investment. Table is for the right year before making decisions based on that.... Enquiry has been sent to Aussie 's Privacy Policy contributions to the ‘purchasing’ phase SunSuper’s. 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