presented by: australian taxation office employer’s end of year obligations business...
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Presented by:
Australian Taxation Office
EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
BUSINESS
SEGMENT AUDIENCE DATEFORMAT
LEGAL PRACTITIONERS
PRESENTATION JUNE 2005
End of year obligations
Norman Kochannek
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Session outline
Pay as you go (PAYG) withholding
Superannuation guarantee
Choice of superannuation fund
Fringe benefits tax
Compliance issues
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Pay as you go (PAYG) withholding
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Obligations
PAYG Payment Summary to each employee by 14 July
2005
PAYG Payment Summary Statement to Tax Office by 14
August 2005
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
PAYG payment summary
Types of payment summaries:
Individual Non Business
Voluntary Agreement
Labour Hire and Other Specified Payment
Eligible Termination Payment
Personal Services Attributed Income
No ABN Provided
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Payment summary – individual non business
Other information on a payment summary:
– fringe benefits
– lump sum payments
– other income
– union fees.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Payment summaries
Use Tax Office forms or
print your own
More information:
– www.ato.gov.au/rsf
– phone 13 28 66
– fact sheet
– PAYG Guide no.1.
Due by 14 July
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Payment summary statement
Summarises withholding
activities
Send statement and
copies of payment
summaries to Tax Office
by 14 August
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
End of year tips
Use correct stationery
Filing and record keeping
Tax tables
Reconcile amounts with Activity statements
Any discrepancy adjust on Activity statement due in July
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Reporting by magnetic media
You can report by magnetic media:
TFN Declaration information
Payment Summary information
Withholding where ABN not quoted Annual Report
Must use commercial software authorised by the Tax
Office
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Individual sole trader partner in
partnership beneficiary of
trust
30%
47¢
42¢
0¢
17¢
30¢
$80,000
$63,000
$21,600
$6,000
Income tax
Company
Tax rate on taxable income
(2005-06)
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Individual sole trader partner in
partnership beneficiary of
trust
30%
47¢
42¢
0¢
15¢
30¢
$95,000
$63,000
$21,600
$6,000
Income tax
Company
Tax rate on taxable income
(2005-06)
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee: who is covered
Most full-time, part-time or casual employees:
– some exemptions.
Contractors supplying mainly labour – even if they have
an ABN:
– for example accredited specialists.
Individual workers only:
– does not apply to companies or partnerships you engage.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee: exemptions
Individuals who are:
paid less than $450 per calendar month
under 18 years of age and work 30 hours or less per
week
aged 70 years or over
perform private or domestic work of 30 hours or less per
week.
Other exemptions in Superannuation guarantee guide for employers
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee: how much to pay
Employee earnings base x 9%:
earnings base may be specified in award or agreement,
or
use ‘ordinary time earnings’.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Other factors to consider
Employee contributions not counted Payments made under a salary sacrifice arrangement are
employer contributions Employers and employees cannot agree to disregard SG
obligations Superannuation guarantee complements rather than
replaces award superannuation:– existing award obligations count towards the minimum level
of support.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee
Contributions must be paid at least quarterly, and received
by the superannuation fund by:
28 October
28 January
28 April
28 July.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Superannuation guarantee charge
If you don’t pay minimum level of superannuation support:
Superannuation guarantee charge applies:
– lodge a statement
– pay the charge:– shortfall component
– administration component
– interest component.
usually costs you more:
– NOT tax deductible.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
When is the superannuation guarantee charge due?
Employers that fail to make the minimum contribution by the
cut-off dates must;
pay the superannuation guarantee charge and
lodge a superannuation guarantee statement by the 14th
day of the second month following the end of the relevant
quarter
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Choice of superannuation fund
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Choice - employer obligations
Step 1 - identify eligible employees
Step 2 - provide a Standard choice form to eligible
employees within the required time
Step 3 - act on an employee’s choice of fund within 2
months
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Choice - employer obligations
Keep records to verify your compliance with the choice of
fund requirements
Failure to meet your choice of fund obligations may
attract the superannuation guarantee charge
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Standard choice form
A Standard choice form must be provided to employees:
– by 28 July 2005, for employees working for the employer
on 1 July 2005
– within 28 days, for employees starting work from 1 July
2005.
A Standard choice form may be provided prior to 1 July
2005
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Employee responsibilities
Employees can either:
not make a choice – contributions to go into the fund
selected by the employer, or
choose an eligible choice fund - become a member and
open an account with the chosen fund (if not already a
member).
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Employee choices – information required
Additional requirements for self managed superannuation
funds
An employer may refuse to accept a nomination if the:
– employee has chosen another fund within the
previous 12 months
– relevant information above is not included.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Record keeping
Which employees are eligible to be offered choice
How and when the Standard choice form was provided to
eligible employees
– including details of the superannuation fund selected for
those employees who do not make a choice and whether
this fund meets the insurance requirements.
The receipt of choices made by employees and details of
how employee choices were acted on within 2 months
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Where do I get more information?
Choice information pack was mailed to stakeholders in
April 2005
www.superchoice.gov.au
Phone our information line on 13 28 64
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Fringe benefits tax
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
What is a fringe benefit
A benefit provided to an employee (or associate) ‘in
respect of their employment’
Fringe benefits include rights, privileges or services – for
example:
– car – allowing an employee to use a work car for private
purposes
– loan – giving an employee a low interest loan
– expense payment – paying an employee’s private health
insurance costs.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
What to do if you provide fringe benefits
Keep the necessary FBT records
Calculate how much FBT you have to pay
Register for FBT
Report fringe benefits on employees’ payment summaries
Report and pay FBT to the Tax Office on your activity
statement
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Report fringe benefits on payment summaries
5 8 2 5
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Report and pay FBT to the Tax Office
FBT year is 1 April to 31 March
Annual return and payment usually due by 21 May:
– amount of FBT you have to pay
– categories of fringe benefits you provide
– taxable value of the various categories
– any employee contributions made.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Compliance
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Compliance
2004-5 compliance program available
Blend of education, help and enforcement activities
Promotes and supports a culture of tax risk management
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Market segments
Large business
Small to medium enterprises
Micro business
Individuals
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Employer Obligations
Employer Obligations focus will be on:
withholding from payments made to workers
withholding at correct rates
reporting of withheld amounts
end-of-year stationery
payment of Superannuation contributions
payment of Fringe Benefits Tax
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
What Employer Obligations field officers will look at
Verify withholding is correct
Checking that amounts at W2 have been correctly notified
Pursue all outstanding debts/lodgement obligations
Obtain information to determine the status of the worker for
Superannuation purposes
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
What Employer Obligations field officers will look at
Check compliance of superannuation obligations
Check compliance of FBT obligations
Educate clients to assist in complying with obligations
Capture intelligence to gain an understanding of employer
behaviour
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Summary
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Key messages
Withhold the correct amounts
Determine whether your workers are employees or
contractors
Meet your superannuation guarantee obligations
Meet your superannuation choice obligations
Be aware of and meet your FBT obligations
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
For more help and advice
Visit www.ato.gov.au
Small business enquiries phone 13 28 66
Superannuation enquiries phone 13 10 20
Super choice information line 13 28 64
Visit www.superchoice.gov.au
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
.
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Who are TESS?
TESS stands for Tax education and seminars section
TESS speakers deliver free seminars, workshops and
other presentations on tax issues
Phone 1300 130 282
Email [email protected]
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
Questions?
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EMPLOYER’S END OF YEAR OBLIGATIONS www.ato.gov.au
The information in this presentation is current at May 2005.
In the taxpayers' charter we commit to giving you information and advice you can rely on. If you try to follow the information contained in our written general advice and publications, and in doing so you make an honest mistake, you won't be subject to a penalty. However, as well as the underpaid tax, we may ask you to pay a general interest charge.
We make every effort to ensure that this information and advice is accurate. If you follow our advice, which subsequently turns out to be incorrect, or our advice is misleading and you make a mistake as a result, you won't be subject to a penalty or a general interest charge although you'll be required to pay any underpaid tax.
You are protected under GST law if you have acted on any GST information in this presentation. If you have relied on GST advice in this Tax Office presentation and that advice has later changed, you will not have to pay any extra GST for the period up to the date of the change. Similarly, you will not have to pay any penalties or interest.
If this information does not cover your circumstances, you can seek further information from our website at www.ato.gov.au, or help from the Tax Office or a professional adviser. Since we regularly revise our presentations to take account of any changes to the law, you should make sure this edition is the latest.
Our commitment to you