Reportable Employer Superannuation Contributions

19-Jul-2010

REPORTABLE EMPLOYER

SUPERANNUATION CONTRIBUTIONS

If you  are an employer, you will need to complete a Payment Summary Form for each employee who has received salary or wages during the year ended 30 June 2010.

This year there is an additional item to complete on the Payment Summary Form. It is Reportable Employer Superannuation Contributions (RESC) and it is very important as it is used to calculate whether the employee is eligible for a number of government entitlements or obligations such as various tax offsets and Medicare Levy Surcharge.

You are reminded that amounts to be entered into the RESC label on the Payment Summary Form are, basically, any contribution an employer makes to an employee's super fund over and above the compulsory Superannuation Guarantee amount of 9%.  This will include any amount an employee salary sacrifices from his salary into his super fund.

It you are unsure about this new item, please contact us without delay as most Payment Summary Forms should be sent to the ATO by 14 August 2010.