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Important Changes from 1 July 2013

Important Changes from 1 July 2013
  • All employees should note that the compulsory superannuation contribution rate will rise by 0.25% to 9.25% from 1 July 2013.
  • The Superannuation Industry Supervision (SIS) Regulations have been amended to require trustees of SMSFs to value assets of the fund at their “market value” when preparing accounts and statements from the 2012-2013 financial year.
  • From 1 July 2013 the concessional cap for those over 60 years of age will increase to $35,000 (yet to be legislated).
  • The Medicare Levy low-income thresholds will be increased for the 2013 financial year for singles to $20,542 (up from $19,404) and to $33,693 for those who are members of a family (up from $32,743). The additional amount of threshold for each dependent child or student will also be increased to $3,094 (up from $3,007).
  • From 1 July 2013, fuel tax credit rates are changing.
  • Auditors of SMSF will need to be registered with ASIC to conduct audits of SMSFs from 1 July 2013. Any transition concessions will only be available for auditors who are registered by 30 June 2013;
  • From 1 July 2013 you can start making super guarantee payments for employees aged 70 years or older, as the existing upper age limit will be removed;
  • From 1 July 2013, when using the ATO’s Electronic Lodgement Service (ELS) to lodge individual income tax returns, clients expecting a refund will be required to provide bank account details including BSB, account number and account name to the ATO. Clients will be required to provide this information to their account manager at the time of preparation of their income tax return.

For more information, please contact your account manager. For more detail, see the May edition of Words of Wisdom.

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