Superannuation funds adfs and other psts can own

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superannuation funds, ADFs and other PSTs can own  units SHASA  – statutory account administered by the ATO  for accepting superannuation guarantee shortfalls and  government co-contributions [¶24.4](c) © CCH Australia Limited
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Foundations of Taxation Law [¶24.5](a) © CCH Australia Limited Superannuation guarantee  Superannuation guarantee  scheme  scheme  SG scheme established under the  Superannuation  Guarantee (Administration) Act 1992   Designed to ensure that employees are provided with  minimum levels of employer superannuation support Minimum level of support required is currently 9% of  salary or wages Government proposes to progressively increase  percentage Proposed superannuation guarantee percentages 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 9.25% 9.5% 10% 10.5% 11% 11.5% 12%
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Foundations of Taxation Law [¶24.5](b) © CCH Australia Limited Superannuation guarantee charge Superannuation guarantee charge Superannuation guarantee charge (SGC) is imposed  on an employer’s “superannuation guarantee  shortfall” for the quarter SGC is not deductible
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Foundations of Taxation Law [¶24.5](c) © CCH Australia Limited Superannuation guarantee  Superannuation guarantee  shortfall shortfall Employer’s “superannuation guarantee shortfall” for a  quarter is the sum of: The employer’s total “individual superannuation  guarantee shortfalls” for the quarter A “nominal interest component” for the quarter An “administration component” for the quarter The Commissioner must generally pay the “shortfall  component” of the SGC to a complying  superannuation fund or RSA nominated by the  employee
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Foundations of Taxation Law [¶24.5](d) © CCH Australia Limited Individual superannuation  Individual superannuation  guarantee shortfall guarantee shortfall Employer’s individual superannuation guarantee  shortfall for an employee is calculated by multiplying  the “total salary or wages” paid to the employee for a  quarter by the “charge percentage” for the quarter If the total salary or wages paid to the employee for a  quarter exceeds the “maximum contributions base”  for the quarter ($42,220 for 2010/11), the total salary  or wages to be taken into account is the maximum  contributions base Some types of salary or wages are ignored
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Foundations of Taxation Law [¶24.5](e) © CCH Australia Limited Superannuation guarantee charge Superannuation guarantee charge Charge percentage is currently 9% Charge percentage is reduced (until it reaches 0%)  by the percentage of actual employer support for the  quarter measured as follows: For  defined benefit schemes , the percentage of  support is the percentage specified in an actuary’s  benefit certificate For 
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