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PAYG Payment Summary: Superannuation Contributions

Recently we posted a blog that highlighted the reporting changes to the 2009/2010 PAYG Payment Summary forms for employees.PAYG Payment Summary superannuation

In particular we noted that compulsory 9% superannuation contribtions were NOT required to be reported on the new forms.

We have notice that a common mistake being made by employers is incorrectly showing the 9% superannuation guarantee contribitions on the employees payment summary. In these situations you should request your employer prepare an amended payment summary with the correct details.

Having an amount shown as reportable superannuation contribution will affect the following benefits and obligations:

  • Medicare levy surcharge threshold
  • dependency tax offset
  • senior Australians tax offset
  • pensioner tax offset
  • mature age worker tax offset
  • spouse superannuation contributions tax offset
  • government superannuation co-contribution
  • Higher Education Loan Program and Student Financial Supplment Scheme repayments
  • deduction for your personal superannuation contributions
  • deduction for your business losses (non-commercial losses)
  • This article has been prepared for the purposes of general information and guidance only. It should not be used for specific advice or used for formulating decisions under any circumstances. If you would like specific advice about your own personal circumstances please contact our office.