Oztaxline Tax Tips & News Australia

SuperSeeker is a tool that provide by Governement and it will assist you to look for the super you might lost and provide you with a list of possible matches. It is free to use. The online and phone services are available 24 hours a day, 7 days a week.

Search Online
UsingSuperSeeker Online is quick and easy. Your search can be completed in a couple of minutes.

1. Important privacy information will be displayed. Read this information and agree to the privacy disclaimer before commencing your search.
2. You need to provide your:
• tax file number (TFN)
• family and given names
• date of birth.

If there is a possible match:

1. The site will tell you the name of the super fund, their phone number and your account number.
2. Where an account is held, you will be transferred to a client service representative who will provide details of your account.
3. Where an account is found on the LMR, you may wish to consider:
• contacting the fund to update your personal details or enquire about your lost account
• consolidating your super accounts, which may reduce your fees and costs
• withdrawing your benefit, if your account balance is less than $200 and certain criteria are met.

By paper

1. Download and complete Searching for lost super (NAT 2476, PDF, 137KB).
2. When you fill in the form you will need to provide your:
• name
• date of birth
• contact details.

Any additional information you can provide, including your TFN, previous employers and previous super funds, will help us to identify any lost super which may belong to you.
If there is a possible match:

1. You with be inform the result by mail with:
• the name of the super fund, their contact number and your account details
• information about any lost super we are holding.
2. Where an account is found on the LMR, you may wish to consider:
• contacting the fund to update your personal details or enquire about your lost account
• consolidating your super accounts, which may reduce your fees and costs
• withdrawing your benefit, if your account balance is less than $200 and certain criteria are met.
3. Where an account is held by ATO, you will be asked to contact them directly.

By phone

1. Phone the SuperSeeker self-help line on 13 28 65.
   We will give you important privacy information. Make sure you have paper and a pen ready to write down the details of any lost accounts. 
2. We will ask you to select from a range of topics. For SuperSeeker, select option 1 and then option 2. 
3. We will ask for your:
• TFN
• date of birth.

If there is a possible match:

1. We will tell you the name of the super fund, their phone number and your account number.
2. Where an account is held by us, you will be transferred to a client service representative who will provide details of your account.
3. Where an account is found on the LMR, you may wish to consider:
• contacting the fund to update your personal details or enquire about your lost account
• consolidating your super accounts, which may reduce your fees and costs
• withdrawing your benefit, if your account balance is less than $200 and certain criteria are met.

Super guarantee legislation requires that employer to pay super contributions to their employee’s nominated super fund each quarter by the cut-off date. If you make a payment after the cut-off date, you must lodge a Superannuation guarantee charge statement - quarterly (NAT 9599) and pay a super guarantee charge to the Tax Office. Penalties apply if you fail to comply.
If you have made a late contribution to a super fund for an employee, you may be able to offset that payment against the amount of super guarantee charge you have to pay for that employee for that period.

You are able to offset super guarantee contributions paid late to a super fund against the super guarantee charge, providing:

• you have made a late payment to your employee’s super fund,


• you made the payment prior to the date your original super guarantee charge assessment was made, and


• you lodge the late payment offset election with the Commissioner within four years of your original assessment date.

The super guarantee charge is made up of three parts:
super guarantee shortfall amounts (including any choice liability)

• nominal interest on that amount (10% per annum), and


• an administration fee ($20 per employee per quarter).

You can only use late contributions to offset the nominal interest and super guarantee shortfall components of the super guarantee charge. You will not be able to offset the administration fee, or other interest or penalties.
If you elect to offset your super guarantee charge with your late payment to the super fund, then:
the late payment is not tax deductible for income tax purposes you cannot revoke the election to use the offset, and any late contribution you use to reduce the amount of your super guarantee charge cannot be used as a pre-payment for current or future periods.
Alternatively, you may be able to use a late contribution for an employee for a future quarter if the contribution is made not more than 12 months before the beginning of the quarter. If you choose this option, the contribution will be tax deductible, but you cannot also claim an offset against the super guarantee charge.

Companies
An Australian resident company tax rate remain at 30 per cent of its taxable income.

Capital Gains Tax
Captial Gain Tax at 30% is applying to the disposal of assets acquired (or deemed to have been acquired) after 19 September 1985. A net capital gain arises if the capital gain made by a taxpayer in a year of income exceeds the capital loss made by the taxpayer in that year or carried forward from previous years.

Repatriation of profits
Repatriation of profi ts can generally be undertaken at any time as there are no foreign exchange controls on such repatriation. Dividends paid to foreign shareholders are subject to withholding tax (there are some exceptions).

Retirement income contributions
The Superannuation Guarantee legislation generally requires employers to contribute 9% of an employee’s salary or wages into an Australian superannuation fund.
There are some exceptions from the Superannuation Guarantee, including where a Social Security Agreement that Australia has with another country exempts an employee who has been sent to work temporarily in Australia.

Residetns Individual tax rates



Non-Residetns Individual tax rates

Amendments to the ITAA 1936 provide for an increase in the low income tax offset:
Low Income OffsetEffective Tax Free Threshold
􀂄 from $750 to $1,200 for the 2009 income tax year $14,000
􀂄 to $1,350 for the 2010 income tax year $15,000
􀂄 to $1,500 for the 2011 and later income tax years $16,000

New PAYG schedules will be introduced so that low and average income earners will receive 50% of the cuts through lower PAYG withholding, rather than the full off-set as a lump-sum on assessment of their income tax return.

What plans he has in place????!!!!!! After what he did and or doing......
Does he understand the meaning of Debt? It means - When someone spend the money that he/she does not have.. But who care "Rudd's popularity will rise again with the Government's debt, such as 1st then 2nd then 3rd stimulus package and so on....

Our working mum and dad working family money from
AU$??billion surplus to ......in DEBTS - Not AU$1 million....but AU$??? billion

Should we encourage Rudd'07 to call for early election and then enrol the Rudd regime to the Financial Management course....Especially the Treasurer....

Tax Reporting Period: 1/7/2008 to 30/6/2009
Subnisssion Time: 1/7/2009 to 31/10/2009
Lower Income Tax offset: $1,200

Tax Rate:
0 – $6,000 Nil
$6,001 – $34,000 - 15c for each $1 over $6,000

$34,001 – $80,000 - $4,200 plus 30c for each $1 over $34,000

$80,001 – $180,000 - $18,000 plus 40c for each $1 over $80,000

$180,001 and over - $58,000 plus 45c for each $1 over $180,000

Company Tax rate remain unchanged at 30%