Do you know how your super is performing?

Mobbs & Company have a specialised team to assist with all your Self Managed Superannuation Fund needs.

We can assist with all areas of our Superannuation Fund, from setting up your SMSF to preparing your Financial Accounts and Taxation Returns. Our qualified staff are here to assist you; whether it is borrowing through your superannuation or any queries that you may have in between.

You can be assured that we can simplify your affairs and offer you the accurate and professional advice that you need, in a timely manner.

Want to find out more?

Finding it hard to hit your financial targets?

Our business benchmarking service analyses your business' position within the industry and identifies an action plan to increase profitability.

Want to find out more?

Accounting News

Lump Sum Payments - Employer Reporting

  What should employers report on an employee’s statement of earnings (which most people still call a group certificate)?

 

Do not include any amount shown at a lump sum payment field in Gross payments.  You must show each lump sum payment as the appropriate payment type.

There are four types of lump sum payments:-

  1.   Amounts paid for leave entitlements not shown.
  2.   Amounts paid for unused long service leave that accrued before 16 August 1978.
  3.   The tax-free component of a genuine redundancy payment or an early retirement scheme payment.
  4.   Amounts paid for back payment of salary or wages that accrued more than 12 months ago or any return to work payments.

The employer must include all PAYG amounts withheld from lump sum payments in the total tax withheld.

The Australian Taxation guide “How to Complete the PAYG Payment Summary – Individual Non-Business” form is useful or call your tax adviser.
AcctWeb