29 Sep 088 Deadline extended for employers who use defined benefit fundsThe ATO has advised that it has extended the deadline for employers to obtain benefit certificates for employees in defined benefit superannuation funds to 31 December 2008.
New changes to the way super guarantee contributions are calculated means any existing benefit certificates which use an earnings base lower than Ordinary Time Earnings (OTE) beyond 1 July 2008 must be replaced with certificates that incorporate OTE requirements from 1 July 2008.
To help employers meet their superannuation guarantee requirements for the quarter ending 30 September 2008, the Tax Office won’t apply any super guarantee charge where an employer has:
- contributed the required amount under a previous benefit certificate by 28 October 2008, and
- obtained a new benefit certificate by 31 December 2008, and
- topped up any super guarantee contributions shortfall (if applicable) within 28 days of receiving the new benefit certificate.
For a copy of the ATO advice, go here.