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Super contributions – too much can mean extra tax There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called 'contribution caps'. How much you can contribute to your super fund and whether your fund is allowed to accept your contribution may also depend on your age and total super balance. Contribution caps apply to all super funds. If you have more than one super fund, all your contributions are added up and count towards your caps. If you exceed these caps, you may need to pay extra tax. You can avoid this by knowing about your own contribution caps. Understanding the types of contributions There are two types of contributions you (or others) can make into your super fund: Concessional – These contributions come from income that has not yet been taxed. They are also called 'before tax' contributions. Once the concessional contributions are in your super fund, they are taxed at a rate of 15%. You may need to pay extra tax if you exceed the concessional contribution cap.Non-concessional – These contributions come from income that has already been taxed. They are also called 'after tax' contributions. These contributions are not taxed once received by your super fund. However, you may pay tax on them if you exceed your non-concessional contribution cap. Concessional contributions and contribution capsConcessional contributions are contributions that are made into your super fund before tax. They are taxed at a rate of 15% in your super fund.From 1 July 2021, the concessional contributions cap is $27,500. The increase is a result of indexation in line with average weekly ordinary time earnings (AWOTE).From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year is $25,000.Your cap may be higher if you did not use the full amount of your cap in earlier years. This is called the carry-forward of unused concessional contributions.If you exceed your concessional contribution caps, you will receive a letter (determination) and a notice of assessment in your myGov Inbox.If you receive a letter you must lodge a tax return for that year.Division 293: If your combined income and concessional contributions are more than $250,000 you may have to pay extra tax.If you exceed your concessional contributions capIf you exceed your concessional contributions cap, it means that:the excess concessional contributions amount is included in your assessable income,this amount will be taxed at your marginal tax rate.You may have to pay extra tax.ATO apply a 15% tax offset to account for the contributions tax already paid by your super fund.If you exceed your concessional contributions caps, you may elect to withdraw up to 85% of your excess concessional contributions from your super fund to help pay your income tax liability.When your excess concessional contributions are included in your assessable income it can lead to:you entering the pay as you go (PAYG) instalment system; your existing PAYG instalments being affected. If you do not withdraw your excess concessional contributionsFrom 1 July 2017, if you do not or cannot elect to release your excess concessional contributions, you could be taxed up to 94%. This is because any excess concessional contributions that is not released from the fund count towards your non-concessional contributions cap. Non-concessional contributions and contribution capsNon-concessional contributions are:from your after-tax income;not taxed in your super fund.From 1 July 2021, the non-concessional contributions cap is being increased to $110,000 as a result of indexation in line with average weekly ordinary time earnings (AWOTE). If you contribute more, you may have to pay extra tax.From 1 July 2017 to 30 June 2021, the non-concessional contributions cap is $100,000.Your own cap might be different. It can be:higher, if you can use the bring-forward arrangements;nil, if your total super balance is greater than or equal to the general transfer balance cap ($1.6 million from 2017–21; $1.7 million from 2021–22).If you take money out of your super and put it back later, it counts as a new non-concessional contribution, unless you have claimed and been allowed this amount as a tax deduction.If you have more than one fund, the total of all non-concessional contributions made to all your funds during a financial year count towards your non-concessional contributions cap.You must also lodge a tax return for that year if you exceed your cap. If you exceed your non-concessional contributions capFor most people the non-concessional contribution cap (limit) is $110,000 per financial year (from 1 July 2021).To work out if you have exceeded the non-concessional contributions cap, we assess the information reported to us by your super fund and in your return (if you lodged it) and consider your age (date of birth).You must not apply to your super fund to release an amount relating to exceeding your cap. If you exceed your non-concessional contributions cap:we will send you a determination which explains your options;you must lodge a tax return for that year. If you can't lodge your tax return by the due date, and you do not want us to issue a determination before you lodge, you will need to request a lodgment deferral;we will manage the release of money from your super;you may need to pay extra tax. Chang Accounting Advisory Pty Ltd, we are CPA practice and tax agent. If you or your families or friends need our services, please feel free to contact our team for any assistance. This article is for informational purposes only and does not form part of our advice. This article is based on Australian Business Registry Services (ABRS) and Australian Securities & Investments Commission (ASIC). Please contact our team if you need any assistance.Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, WeChat: clairechang26Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, WeChat: michellejc
养老基金 – 超额供款产生的额外税款“养老基金的供款上限”指的是当您每个财政年度支付的养老基金金额超出规定额度时会产生额外税款。您的养老基金供款额度，以及您的养老基金是否能够接受供款取决于您的年龄和养老基金的结余。供款上限适用于所有的养老基金。如果您拥有数个养老基金，那您所有养老基金供款的总计将会被作为是否超出上限的衡量标准。 当您的供款超出上限时，您将需要缴纳额外税款。您可以通过对自己的供款上限的了解来避免这种情况。 了解您的供款类型您 (或您的家人) 可以供款的养老基金共有两种类型：优惠供款 – 这些供款来自于您征税前的收入，即“税前供款”。您放入养老基金的优惠供款会按照15%的税率被征税。如果您的供款超出了您的供款上限，您将需要缴纳额外税款；非优惠供款 - 这些供款来自于您征税后的收入，即“税后供款”。您放入养老基金的非优惠供款不会被再次征税。但如果您的供款超出了您的供款上限，您将需要缴纳额外税款。 优惠供款以及供款上限优惠供款是在征税前被放入养老基金的供款。该供款被放入养老基金时将按照15%的税率被征税。即2021年7月1日起，优惠供款的供款每年的上限额度为$27,500。该额度已经根据每周正常时间平均周薪 (AWOTE)，相比之前的额度有所增加。从2017年7月1日至2021年6月30日，优惠供款的供款每年的上限额度为$25,000。 如果您之前的供款没有达到供款额度，您可能会拥有的更高的供款上限。这种情况一般被称为结转未使用的优惠供款(carry-forward of unused concessional contributions) 。如果您的供款一旦超出供款上限，您将会在自己的myGov信箱里收到电子邮件和详税通知书。如果您收到该电子邮件，您就必须要提交当年的申报退税表。293项税款：如果您的收入和优惠供款的总额超出$250,000，您将需要缴纳额外税款。如果您的优惠供款超出供款上限如果您的优惠供款超出供款上限，这意味着：您优惠供款超额的部分会被纳入您的应税收入；该金额将按照您的边际税率被征税。您可能需要缴纳额外税款。澳洲税务局(ATO) 会按照15%的税率，从您养老基金供款内缴纳的税收里抵免税收。如果您养老基金供款超出上限，您可以选择从您的养老基金中取出您优惠供款金额85%以内的超额部分，用来支付税款。如您的应税收入中含有超额的优惠供款，将导致以下情况您被归入随赚随缴预扣税(PAYG)分期付款系统里您现有的随赚随缴预扣税(PAYG)会因此收到影响如果您不选择取出您优惠供款中的超额部分自2017年7月1日起，如果您选择不将您优惠供款中的超额部分撤回或者无法做出撤回选择，您有可能最高会被按照94%的税率征税。这是由于任何超额的优惠供款，如没有被撤回，将被算入您的非优惠供款的上限内。 非优惠供款以及供款上限非优惠供款指的是：您的税后收入；您未被征税的养老基金。即2021年7月1日起，经过参考每周正常时间平均周薪 (AWOTE)调整后，非优惠供款每年的上限额度，被增加至$110,000。如果您供款的金额超出这个数目，那您将需要支付额外税款。从2017年7月1日至2021年6月30日，非优惠供款的供款每年的上限额度为$100,000。您的上限额度可能根据您的个人情况，有所不同：如果您因为之前的非优惠供款没有达到上限而将供款结转，上限额度将会更高；如果您养老基金的结余大于或等同于普通转账结余上限(2017年至2021年为$160万; 2021年财政年度起增加到$170万)，上限额度将维持不变。如果您申请从您的养老基金中提款用于税收减免且获得批准，您从您的养老基金中提款后的补回金额将被视为崭新的非优惠供款。如果您拥有多个养老基金，您每个财政年度的养老基金非优惠供款总计会成为衡量您是否超出非优惠供款上限的标准。如果您的年度养老基金非优惠供款超出上限，您必须要提交申报退税表。 如超出非优惠供款以及供款上限多数人每个财政年度的非优惠供款上限(limit)为$110,000(自2021年7月1日起)。我们会根据您的年龄(date of birth)，通过您的养老基金提供的信息和您的退税申报内容，评估您的供款是否超出了非优惠供款上限的额度。您不得向您的养老基金提出申请，要求取出超出非优惠供款上限的金额。 如果您的供款超出了非优惠供款上限，将会导致下述情况：ATO将给您发裁定涵，并说明供您选择的方案；您必须提交该财政年度的退税申报表。如您未能在规定期限内提交退税申请表，且不希望在提交前收到ATO的裁定涵，您必须申请延期退税；ATO将会接收管理您养老基金的相关放款；您可能需要支付额外税款。 Chang Accounting Advisory Pty Ltd，我们是执业注册会计师和税务代理人。 如果您或您的家人或朋友需要我们的服务，请随时联系我们的团队寻求帮助。 本文仅供参考，并不构成我们建议的一部分。本文基于ATO的指引。我们可以为您提供专业建议并协助您的公司满足您的会计和税务需求，可以成为您的外包财务团队来帮助您的业务发展。如果您需要任何帮助，请联系我们的团队。Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, WeChat: clairechang26Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, WeChat: michellejc
Self-managed Super Funds Auditing (“SMSFs”) are a specific type of superannuation fund which have up to six members and are regulated by the Australian Taxation Office (“ATO”). The ATO requires an SMSF audit to be carried out prior to an annual return, even if no contributions or payment are made during the year. In the past, the same accounting firm was permitted to perform both accounting and audit services to SMSFs. However, this was changed following the release of APES 110 Code of Ethics for Professional Accountants in early 2021. The new guidance, issued by the ATO, stipulates that the audit and accounting functions for a SMSF must be carried out by separate service providers. SMSF Trustee’s legal obligations It is a legal obligation that the SMSF trustee must have the fund audited every year before lodging the fund’s income tax return. The trustee is required to appoint the SMSF auditor no later than 45 days before the annual return due date. At the time of engagement, the SMSF trustee will be presented with a letter of engagement outlining the scope of the audit as well as the responsibilities of each of the respective parties. The SMSF audit is usually straight-forward and requires the trustee to provide the auditor the following materials: Documentations regarding the SMSF transactions and investments；A trustee representation letter which states that the financial statements are correct and compliant with the applicable legislations。 When more information is requested by the auditor, the trustee must provide the information within 14 days. The SMSF trustee is also required to work with the auditor to rectify any breaches as soon as possible and voluntarily disclose any unresolved breaches via the ATO’s early engagement and voluntary disclosure services. SMSF auditor’s legal obligations A SMSF auditor is responsible for independently examining the SMSF’s assets, liabilities and transactions to ensure that the financial records are valid and accurate. The SMSF audit also needs to assess if the SMSF is compliant with the relevant Australian superannuation rules. A SMSF auditor must: be registered with the Australian Securities and Investments Commission (ASIC) as an approved SMSF auditorhave a valid SMSF auditor number (SAN)meet ongoing obligations as prescribed by the - Superannuation Industry (Supervision) Act 1993 (SISA) - Superannuation Industry (Supervision) Regulations 1994 (SISR), and comply with ongoing ASIC registration requirements including - keeping your auditor details up to date - lodging your annual statement A SMSF auditor must be independent to ensure the objectivity and integrity of the audit, that is, the auditor:does not have any financial interest in the SMSF, orhave personal or business relationships with fund members or trusteesWhen the audits are finalised, the SMSF auditor must complete an independent auditor’s report document supplied by the ATO. The auditor is also required to provide this report to the trustees of the SMSF within 28 days after having received all relevant documentations.If any breaches have been identified during the audit process, the SMSF auditor must report them to the ATO within 28 days using an ATO-provided contravention report document.Chang Accounting Advisory Pty Ltd, we are CPA practice and tax agent. If you or your families or friends need our services, please feel free to contact our team for any assistance. This article is for informational purposes only and does not form part of our advice. This article is based on guidance from Australian Taxation Office. Please contact our team if you need any assistance.Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, wechat: clairechang26Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, wechat: michellejc
自管养老基金 (SMSF) 是一种特定的养老基金。这类养老基金受澳洲税务局(ATO)监管，每个基金最多能够有6名受托人。澳洲税务局要求所有自管养老基金在申报年度纳税前进行审计。审计对象包括了那些在该财政年度内没有缴费或付款的自管养老基金。随着2021年初APES 110 职业会计师职业道德准则的更新，同一家会计事务所将不再被允许为同一位自管养老基金客户同时提供会计和审计服务。根据澳洲税务局最新发布的指南规定，自管养老基金的会计和审计服务必须由不同的会计事务所负责提供服务。 如您是一位自管养老基金的受托人 按照最新规定，自管养老基金的受托人必须在申报该财政年度基金所得税前对基金进行审计。这是一项自管养老基金受托人应负的法律义务。受托人必须在每个财政年度基金所得税申报截止日前45天内为自管养老基金指定审计师。当审计师被指定负责审计基金时，他们会向受托人提供一份审计委托书。委托书将说明审计事项范围及合约双方各方责任。 自管养老基金的审计并不复杂。一般审计师会要求托管人提供以下文件：自管养老基金相关的交易和投资文件;审计客户表白书，声明受托人所提供文件内容属实且遵守适用法律法规。 如审计师要求客户提供更多相关信息，受托人必须在收到书面请求后的14天内将该信息提供给审计师。如您是一位自管养老基金的审计师自管养老基金审计师的责任包括独立和公正地检查基金下的资产，负债和相关交易，以确保基金财务报表的有效性和准确性。此外，审计师还需要评估自管养老基金的相关操作是否都遵守了澳洲所有适用的养老基金法律和法规。一位合格的自管养老基金审计师必须符合以下所有条件：在澳大利亚证券和投资委员会 (ASIC) 注册的经批准的自管养老基金审计师;持有有效的自管养老基金审计号码 (SAN);能够履行以下法案的相关持续义务:- 养老基金产业(监管)法案 (SISA)，- 养老基金产业(监管)条例 (SISR)。持续遵守ASIC 注册的相关要求: - 能够及时地更新您的审计师的详细信息; - 按时提交您的年度声明。作为一位自管养老基金的审计师，您必须能够确保审计过程保持您的独立性和公正性，即审计师和客户的自管养老基金之间不存有任何经济利益，或审计师和基金受托人客户之间不存有任何个人或者其他商业关系。审计过程结束后，自管养老基金的审计师必须完成并提交由澳洲税务局提供的独立审计师报告。同时，审计师必须在收到所有相关信息文件后的28天内，将这份报告提供给受托人客户。如果在自管养老基金的审计过程中发现有存在任何违规行为，审计师需要用澳洲税务局提供的报告文件向税务局举报所发现的违规行为。Chang Accounting Advisory Pty Ltd，我们是执业注册会计师和税务代理人。 如果您或您的家人或朋友需要我们的服务，请随时联系我们的团队寻求帮助。本文仅供参考，并不构成我们建议的一部分。本文基于ATO的指引。我们可以为您提供专业建议并协助您的公司满足您的会计和税务需求，可以成为您的外包财务团队来帮助您的业务发展。如果您需要任何帮助，请联系我们的团队。Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, WeChat: clairechang26 Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, WeChat: michellejc
Under new tax rules effective from 30 June 2023, the Queensland Government will calculate land tax on the basis of the total value of your Australian land. The new rules are different from the previous tax rules which calculates land tax on the basis on your Queensland land only.The change in tax rules is an attempt by the Queensland Government to make the system “fairer and more equitable”. This means that owners with interstate properties will face higher land tax in Queensland. Under new tax rules effective from 30 June 2023, the Queensland Government will calculate land tax on the basis of the total value of your Australian land. The new rules are different from the previous tax rules which calculates land tax on the basis on your Queensland land only.The change in tax rules is an attempt by the Queensland Government to make the system “fairer and more equitable”. This means that owners with interstate properties will face higher land tax in Queensland. Queensland land onlyYou will not be affected by the new tax rules if you only own land in Queensland. The land tax rates and exemptions applicable to the calculation of your land tax shall remain the same as before. Currently, you are not required to pay a land tax if your land is less than $600,000 for an individual or $350,000 for companies, trustees and absentees. Queensland and interstate landYou are required to declare your interstate landholdings via your QRO Online account if you own land in Queensland as well as in another state or territory. As of 30 June 2023, you must complete the declaration by the earlier of the following:within 30 days of receiving a land tax assessment notice;on or before 31 October.You must enter the value of each parcel of interstate land when completing the declaration. If you are an individual who falls into this category, your land tax will be calculated based on a total value of the following:the total of your taxable land in Queensland and,the statutory value of your interstate land. The statutory value shall be determined by valuation legislation in the state or territory. The value entered shall either bethe statutory value as of 30 June 2023 or,the most recent value of the landSurcharge An absentee is a foreign individual who do not ordinarily reside in Australia. A foreign individual is considered as an absentee if you:were away from Australia at 30 June, orhave been away from Australia for more than 6 months in total during the financial year before 30 June.An absentee cannot claim a home or primary production exemption and is liable for land tax if the total taxable value is $350,000 or above. In addition to land tax rates for absentees, there is a 2% surcharge when calculating your land tax. The 2% surcharge applies to the total value of your Australian land.Calculating land tax with interstate landDifferent land tax rate will apply to different types of owners when calculating the taxable value of your land. The calculation is done in two steps. The first step is the calculation of the taxable value of your total Australian land. In the second step, the result of the first step is applied to your land in Queensland to obtain the annual land tax liability.When the value of your interstate land is updated, you can notify the Queensland Government for a reassessment of your land tax liability.ExampleOn 30 June 2022, John owns land in Queensland with a taxable value of $650,000.Taxable value of land: $650,000Calculation = $500 + (1 cent x $50,000)= $500 + $500Tax payable = $1,000Suppose if John also owns land in NSWOn 30 June 2022, John owns land in Queensland with a taxable value of $650,000 and land in NSW with a taxable value of $1,250,000. His land tax is calculated using the rates for individualsTaxable value of Australian land: $1,900,000Calculation= $4,500 + (1.65 cents x $900,000)= $4,500 + $14,850= $19,350This amount is applied to the Queensland portion of John’s land (i.e. ($650,000 ÷ $1,900,000) x $19,350)). The amount on the assessment notice for the land tax is $6,619.73.Excluded landDepending on the ownership and use of the land, you may be eligible for a land tax exemption. Some exemptions are only limited to land in Queensland. More information on exclusions and how to apply will be available after 30 June 2023. Exclusions available for interstate landExemptions available for Queensland land only Home (principal place of residence)Government land Primary productionPort Authority land Supported accomodations Societies, clubs and associations Moveable dwelling (caravan) park Retirement village Transitional home Charitable institutions Aged care Chang Accounting Advisory Pty Ltd, we are CPA practice and tax agent. If you or your families or friends need our services, please feel free to contact our team for any assistance. This article is for informational purposes only and does not form part of our advice. This article is based on Australian Taxation Office (ATO). Please contact our team if you need any assistance.Claire Chang, 0497 131 419, claire.chang@changadvisory.com.au, WeChat: clairechang26Michelle Cui, 0433 539 870, michelle.cui@changadvisory.com.au, WeChat: michellejc