05 Jun 07 Minister for Revenue announces ATO mailout to employersIn a press release issued on 1 June 2007, the Minister for Revenue and Assistant Treasurer, Peter Dutton, announced that the ATO is writing to around 740,000 employers in the next fortnight to advise them how the "Better Super" changes will benefit them.
“From 1 July 2007, all employer contributions to complying superannuation funds will be fully tax deductible. Employers will no longer need to worry about age-based deduction limits which meant that the tax deductions they could claim depended on the age of their employee. Employers will also no longer need to report termination payments to the ATO for Reasonable Benefit Limit purposes. This is one less form that employers need to worry about,” Mr Dutton said.
The Better Super reforms also deliver benefits to the self-employed. From 1 July 2007, the self-employed will be able to claim a full deduction for personal contributions to superannuation. The Government co-contribution scheme will also be extended to the self employed.
For a copy of the Minister's press release, No 2007/068, go here