Reportable Employer Superannuation Contributions

From 1 July 2009 the ATO requires any superannuation (over the 9% statutory superannuation guarantee amount) paid to employees to be reported on the new payment summary forms. If you use the MYOB or QuickBooks accounting software, they will both be releasing updated versions which will incorporate the necessary software changes.

The employer will however have to ensure that these contributions are correctly set up in the software. The legislation about what is a reportable superannuation contribution is very complex, and expert advice may be required to deternine if you are affected. It is important to get it right from the first pay period of July, otherwise it will be extremely difficult to correct the situation subsequently. We recommend you seek advice from your accountant or taxation adviser immediately if you believe that you will be caught by this new reporting requirements.

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What's new?

Welcome to our new Team members

We have two new team members for The Taggart Group providing services to our general insurance clients. Louise Howarth joined us at the beginning of June and is providing assistance to clients with their domestic and commercial account enquiries. Adamy Myers joined us in May and is providing administrative assistance to our Account Managers. Welcome to both Louise and Adam.

We also have a new team member for Taggart Nominees - Katrina Osmond has joined the team to provide paraplanning services. Welcome to Katrina.

Launch of Nooo Commission Group

In May 2009 the Nooo Commission Group was launched. Nooo Commission is a new venture from Jim Taggart, and will provide home loan and lending assistance to consumers.

Nooo Commission has been established to offer a range of ground-breaking home loan products with no upfront commissions or lifetime trailers. This is an innovative product providing choice for consumers. Nooo Commission provides all the benefits of a fully featured home loan for a single flat fee, providing optimum transparency and value for money in these uncertain economic times.

Nooo Commission was officially launched by Senator the Hon Helen Coonan, Shadow Minister for Finance, Competition Policy and Deregulation. Senator Coonan was supported by the Hon Alex Hawke, Federal Member for Mitchell.

For further information, please phone Darren Scott on (02) 8858 0050 or visit www.nooo.com.au

Nooo Commission is home loan/lending broking business and does not provide any financial services advice. For advicde on risk insurance, financial planning, superannuation, or estate planning please contact Taggart Nominees Pty Ltd. For advice on general insurance products, please contact The Taggart Group Pty Ltd. Nooo Commission is an independant company.

ATO payment of Government Co-contributions delay

The Australian Tax Office (ATO) has reported system issues making Government Co-contributions payments. This means that the ATO payments may not have been made by the ATO for 2008/09 financial year. Many superannuation funds have also been impacted by this issue. You can obtain more information from the ATO website - http://ato.gov.au/individuals/content.asp?doc=/content/42616.htm&mnu=41871&mfp=001/007