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June 2009

Page 3

Release From General Interest Charge (GIC)

The ATO is offering amongst other initiatives, GIC Free Payment Arrangements, for up to 12 months. If you are having trouble paying your tax debts as they fall due, you may be able to avail yourself of this offer. You will need to be able to verify your financial circumstances and your cash flow difficulties. This is a generous offer and is there if needed.

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EMPLOYMENT NEWS Ordinary Times Earnings (OTE) The definition of OTE as used for superannuation guarantee has changed, refer to    http://www.ato.gov.au/super/content.asp?doc=/content/39205.htm&page=4#P45_3135     and make sure that you are paying SG on the correct items. Reportable Fringe Benefits The threshold for 2009 is $2000, grossed up $3738.
	Watch salary packaging where the employee is sacrificing for superannuation contributions. The Concessional Caps in place from 1 July 2009 will limit the contribution to $25,000 where the employee is under 50 years. The Cap includes Superannuation Guarantee payments as well as any salary sacrifice amounts.

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