The end of the 2015/2016 taxation year is approaching fast and now is the best time to review the amount of superannuation contributions that your employers (including Oncore) have made to your Super fund(s) since the end of the last tax year.
To enable you to maximise the contributions that are received by your funds prior to 30 June 2016, Oncore is offering its contractors the opportunity to send superannuation contributions from the April and May 2016 payroll payments earlier* than the regularly scheduled quarterly deadline of 28 July 2016.
What you need to do before 5pm AEST Monday 30 May 2016
If you want to take advantage of this offer, you will need to:
- Whether you want Oncore to send SGC and/or Salary Sacrifice amounts
- If it is the total outstanding for contribution (as deducted – refer to your payslips) or if it’s a partial amount
- If it’s a partial amount, advise the dollar amount you would like Oncore to send early
- Optionally, detail which super fund you want this contribution to be sent to (we have fund information on file but we want to make sure this is the super fund you intend for us to send funds to. Note: Splitting between funds is not currently available).
*Contributions sent after 30 May 2016 or returned to Oncore due to outdated or incorrect information on file are unlikely to be deposited into a super fund until AFTER 30 June 2016.
The best way to check what has been contributed to your fund is to create a myGov account and link to the ATO (or log in to your MyGov) to see details of all your super accounts. It will also include any super you may have lost track of or forgotten about, including ATO-held super. It’s important to regularly monitor the contributions made to your super fund if you don’t want to inadvertently exceed your concessional cap. An individual has a cap on the amount of concessional contributions that benefit from the concessional tax treatment in the superannuation fund (i.e. taxed at 15 per cent). Concessional contributions include contributions made by the employer and salary sacrifice contributions.
The cap for the year ended 30 June 2016 is generally $30,000; a higher cap will apply to people who are 50 years or over. Timing of your contributions can also be important. Contributions are counted towards your cap in the year in which they are received and credited by your super fund. For example, Oncore is required at a minimum to send contributions to funds by the 28th day of the month after each quarter, which means that contributions for April-June 2016 (unless you request an early contribution) will not be received by your super fund until July 2016 and will therefore count towards next year’s financial cap.
At Oncore, we offer all our contractors the option to salary sacrifice additional superannuation. Prior to making the decision to salary sacrifice superannuation contributions, Oncore strongly encourages its contractors to obtain independent financial advice or talk to the team at Oncore Wealth Solutions. To salary sacrifice superannuation, contact your Client Services Manager and they can send you a request form for instructions to payroll.