so im updating DH's income on the online centerlink site and it mentions reportable super contributions. what is it?
on DH's tax return the amount under this heading is only around 4% of his income
im confused :redface:
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so im updating DH's income on the online centerlink site and it mentions reportable super contributions. what is it?
on DH's tax return the amount under this heading is only around 4% of his income
im confused :redface:
Have a look at this link from the ATO website Employer guide for reportable employer superannuation contributions (RESC)
Basically, it's when an employee salary sacrifices or pays voluntary super contributions.
Yeah, that is only new. If you salary sacrifice into superannuation, then it counts as total income so you have to let centerlink know.
aarrrhhhh i see so i'll loose money :doh:
Unfortunately you might. I don't think I lost much though, DH only sacrifices around $400 a month and it didn't affect our payments too much.
thanks trill and jodi!
yup
just remember it's only if he voluntarily puts in extra, not the compulsory bit his employer puts in
It is only pre-tax contributions that they are interested it (basically anything you are doing to reduce your taxable income).. you can do anything or contribute any from your post tax dollars and they don't care. DH voluntary contribution is post tax, so it pays to check.
ooooh yeah - that! sorry - having a vague night and didn't word it very well
anything you can claim to reduce your taxable income (the super, rental property losses etc) have to be added back on for ftb purposes so that you're not "double dipping" by getting a tax reduction PLUS extra ftb
Really? I didn't know that they differentiated between the two. I will have to check DH's payslips to see if it is pre or post tax. But I'm guessing that it would all sort itself out in the reconciliation wouldn't it BG?:
i will check at work tomorrow (she says as she hits send on the "check super stuff" email to herself!)
as long as you've over estimated, it's ok - the thing is, if you're relying on the money, fortnight by fortnight, you want it to be accurate.
if i haven't come back to this post tomorrow evening, can someone PM and remind me??