PSIER News 011/2009
New Circular C3/09 on Arrangements for salary packaging from 1 July 2009
Circular C3/09 'Arrangements for salary packaging from 1 July 2009' has been issued by the Public Sector Industrial and Employee Relations Division.
The circular details changes to Concessional Contributions Limits for amounts contributed to superannuation through salary sacrifice. From 1 July 2009 a concessional tax rate of 15% of superannuation contributions will apply up to a maximum of $25,000 per year. Transitional arrangements will apply to 2011-12 which allow persons aged 50 or over to receive up to $50,000 of concessionally taxed superannuation contributions per year.
As well, from the 2009-10 income year and all future years an employee’s payment summary will include the amount of the sacrificed superannuation. This may affect certain government benefits and obligations pertaining to the employee.
The Fringe Benefits Tax Debts and Recovery Policy has also been updated.
Since this PSIER News merely summarises the circular, it is recommended that the circular is read in its entirety. The new circular is available on the PSIER website at http://www.psier.qld.gov.au/circular/index.html
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Article: |
011/2009 |
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Issued: |
30 September 2009 |
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Telephone: |
322 52350 |
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Fax: |
3229 5943 |
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Email: |
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Internet: |
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