Superannuation

Superannuation Contribution Caps

 Superannuation Guarantee increases to 11.0% on the 1st July 2023.

 Continues to increase each year by 0.5% to the 1st July 2025.

Applies to the first payroll payment made from 1st July 2025.

Annual concessional contribution cap remains at $27,500(2023/24) & $30,000 (2024/25)

Per quarter maximum contribution base increases to $62,270 (2023/24) & $65,070 (2024/25)

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Consult with legal professionals for personalized guidance based on your specific circumstances.

Under the taxable payments reporting system (TPRS), some businesses may need to report the total payments they made to contractors for relevant services. Government entities also may need to report payments they made for services and grants paid to people and organisations with an Australian business number (ABN).

These payments need to be reported to the Australian Taxation Office (ATO) in a taxable payments annual report (TPAR) by 28 August each year.

Payments made to contractors or subcontractors for the following services are to be reported:

• Building and construction services.
• Courier services.
• Cleaning services.
• Road freight services.
• IT services.
• Security, investigation, or surveillance services.

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Consult with legal professionals for personalized guidance based on your specific circumstances.