M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

 Latest Accounting News Service
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Quarter 2 of 2005
Articles
Private Health Insurance ? Reduced Premium
Higher Education Contribution Scheme and Income Tax
Absorption Costing for Retail and Wholesale Industries ? Update
Workplace Insurance ? Different Locations
Retirement is heading for an extreme makeover.
Superannuation Surcharge Abolished? ? Action Now
$500 Incentive for Mature Age Workers
Children?s Bank Accounts and Tax File Numbers
Superannuation Contributions ? Double Jeopardy
Superannuation Contributions ? Double Jeopardy
A recent case confirmed the superannuation guarantee rules can result in double payment of contributions.

The case in the Administrative Appeals Tribunal, addressed the problem of superannuation contributions for two years being paid late.  The Tax Commissioner later issued default Superannuation Guarantee Charge Assessments, applied the general interest charge, but remitted the additional penalty to nil.

The Tribunal decided that there was no discretion to prevent the double payment of superannuation by the employer.

Accordingly, it is crucial not to miss the 28th day after the end of a quarter deadline.  

And remember at year end that unless the June contribution is paid in June, then no tax deduction is claimable until the following tax year.













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