Superannuation

The By The Numbers Accounting team is back with some more handy tax tips for 2020! Is your spouse currently a low-income earner or not working at the moment? Did you know that you can contribute towards their super! Not only is this a great way of building and planning towards your shared future but you may even be eligible for a tax offset! Schedule a call with your By The Numbers accountant through our new online booking service to…

Salary sacrificing to super allows an employee to forego part of their salary or wages and have the employer contribute this amount to their superannuation fund instead of paying it as cash. It reduces the taxable value of salary or wages and is therefore beneficial to the employee in both reducing tax payable and increasing superannuation. Up until now, employers were allowed to calculate superannuation guarantee contributions (SGC) on the reduced amount of salary or wages.Firstly, as of 1 January…