Use the super contributions calculator to work out the best way to boost your super. As at 1 July 2021, your annual non-concessional cap is $110,000. You can learn more about this on the ATO website. 1 min read. Nil if your Total Super Balance is greater than the transfer balance cap ($1. select Super, then Manage, then Transfer super. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. 6 million on 30 June of the year before. Reportable employer super contributions (RESC). lodged an SGC statement. How much you can contribute. Module 4: Calculating super guarantee. If you took all the above steps and want to request a reduction in the resulting SGC liability, phone us on 13 10 20. Overview. Your employee super information is linked to your super contributions by a unique payment reference number (PRN). or more you pay 30% tax. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. au or call us on 1300 360 149. They will be able to advise you if they. This is now reviewed annually to. These contributions are taxed at 15%. Why and how to pay yourself super. Instead of paying $4125 tax on a $27,500 super contribution, reducing the contribution to $23,375, a potentially extra $4125 in tax will reduce this to $19,250. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. It is a legal requirement for rollovers to be processed electronically, using 2 components: a data message. You must have provided your super fund with your tax. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. 1 min read. For most people, super begins when you start. You must have a nominated (default) super fund and pay your employees super into this fund if: your employees do not choose a fund, or are not eligible to choose one, and. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. Whether you’re paying super weekly, monthly, or quarterly, it’s important to check that you’ve applied the correct rate. Do not send the form to us. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. Adam wishes to make a super contribution of $3,000 to Carmel's complying super fund, on her behalf. small business roll-over. How to pay super, the amount to pay and due dates for payment. See super co-contribution on the ATO website. The general concessional contribution cap is $27,500 per person. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. For most people, 15% is lower than the marginal tax rate you pay on income. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. How much to contribute to super. You can add to your super with extra contributions from your take-home pay or savings. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. Once you lodge your tax return for the 2023-24 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. Super guarantee contributions for quarter 3, 2023–24 (1 January – 31 March 2024) to be made to the fund. 1 April – 30 June. How much super to pay for contractors. Contribution caps are the limits on how much you can pay. The more you contribute during your working life, the more you'll have for your retirement. You don’t need to offer a choice of super fund to some employees, but you may still need to request. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. From 1 July 2021, the non-concessional contributions cap is $110,000. If you do not pay minimum SG contributions for quarter 1 by this date, you must pay the super guarantee. your spouse. This contribution is a legislative requirement payable by all employers. SuperStream transmits money and information consistently across the super system – between employers, funds, service. Ben’s concessional contributions cap. Start the course now. The super capital gains tax cap is a lifetime limit. This is now reviewed annually to remain in line with average weekly ordinary time earnings (AWOTE). (An exception is the ATO charges 30% if your income plus super is more than $250,000/year. Calculation. bring-forward arrangement for non-concessional contributions; total super balance. Some unfunded defined benefit funds require you to contribute a percentage of your salary to your super. If you require tailored technical and interpretative assistance relating to super matters for a specific individual or group of taxpayers, you can contact us by: secure mail for business. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. Offer employees a choice of super fund and keep records that show you've done this. You were under 71 years old on 30 June 2022. It will help you work out the. Some super funds require employers to contribute monthly. your fund can't accept personal contributions. Super for self-employed people. the sum of your spouse contributions in the income year. Contributing more than the caps to your super may mean having to pay extra tax. From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. However, there are certain circumstances where you can contribute more than $27,500 in one year. For employees who commenced from 1 November 2021, you can only make contributions to your default fund if the ATO advises there is no stapled super fund. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. A personal super contribution is a contribution that you make into superannuation from your personal bank account. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). Make sure your super fund has your tax file number (TFN). Adjustments. Michael adds to super, saves tax and gets a bonus government co-contribution Michael age 30 $52 a fortnight $106 a fortnight Yearly salary $40,000 $40,000 Salary sacrifice (before tax) contribution $624 $2,418 After-tax super contribution $858 $858From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). For individuals between 67 and 74 wishing to claim a tax deduction for their super contributions, the ATO will administer the work test when the tax return is lodged. Learn more about the low-rate cap. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. a separate payment transfer. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. This is called ‘contributions splitting’. You can choose to make personal super contributions to save for your retirement. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. a1. Employer contributions. Employee age – for employees who are. 9 million in 2023-24. SuperStream. It's important you lodge a return even if you don't think you will get a refund. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. If you had a spouse for the full year, 1 July 2021 to 30 June 2022, print X in the Yes box at L. 28 April 2024. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. 3 min read. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Division 293 tax may reduce the tax concession on super contributions for individuals. If you have a spouse, their share of the net income of a trust on which the trustee must pay tax (under section 98 of the Income Tax Assessment Act 1936) and which has not been included in their taxable. Choose the right investment options for you. Downsize your home and put money into super If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. you're a high-income earner. select Australian Taxation Office. If you don't claim a tax deduction for them. You can use the ATO super co-contribution calculator to find out how much you may be eligible forIf you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). the tax-free and taxable components of the super. offer eligible employees choice of super fund. You may be able to elect to receive a late payment offset (LPO). Claiming deductions for personal super contributions. Insurance premiums are contributions. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. au You should consider your debt levels before adding to your super. Request to adjust concessional contributions. For the full definition of 'income' used by the Australian Taxation Office (ATO) and other details on Division 293 tax and excess contribution rules, refer to the ATO website at. a deduction for personal super contributions form available at ngssuper. Carmel is 46 years old and her income is $38,000 in 2021–22. If not: contributions are taxed an additional 34%. The ATO issues Vinnie with an excess non-concessional contribution tax assessment for $47,000 ($47% of $100,000). If your employee's details are incorrect, their super fund may:. 2. Module 5: Paying super contributions. your total super balance, which is relevant to how some key superannuation rules apply to you. If you are eligible for LISTO, the ATO automatically refunds $500 into your super account. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. $17,353 if no employee contributions are made. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. Once you lodge your tax return for the 2023-24 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Division 293 tax. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Growing your super. SG contributions should be paid to one of the following: Employee's chosen fund Employee's stapled super fund Other fund that meets your choice of fund obligations. Information you need. You must report extra super contributions you make for your employees to the ATO. Module 4: Calculating super guarantee. Enter Income (including any salary sacrifice amounts) 2. Note: A nomination to offset late payments is binding and cannot be changed. He indicates that he’d like to split $5,000 of his employer contributions. Government contributions superannuation (super) recovery notices are sent to funds to advise them of members who have received an overpayment from us. Instructions; More information If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. There is no limit to how much super employees can contribute each year. the higher income threshold was set at $15,000 above the lower income threshold. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. Your TSB is calculated by adding together all the amounts you have in the accumulation phase of super. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. 1. . For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. Sam will sacrifice. Defined benefits and constitutionally protected funds. These contributions come from after-tax income, so they are non-concessional contributions. If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. online. au/super TAX 1 Plus Medicare levy. How to personalise your tax return. 18 for each dollar the receiving spouse’s income is over the low-income threshold. When making voluntary concessional contributions, you should remember that SG contributions also count towards the cap. the amount of ATO-held super is $200 or more. Personal contributions – deductions. They exclude compulsory employer contributions, such. If you've confirmed your super hasn't been paid correctly and completed all of the checks in the above steps, you can report your employer using our online tool. The information you provide is not stored and you will remain anonymous. au or call us on 1300 360 149. Employment termination. Last modified: 02 Aug 2023 QC 73085. If you're eligible for a low income contribution of less than $10, the ATO will round this up to $10. gov. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Downsizing super contributions. Super contributions that come back to bite you (and how to avoid it) Personal top ups can trigger excess contribution edicts from the ATO, leading to a chain of unwanted consequences. See the ATO website for more information about how much tax you'll pay on super contributions. Unused cap amounts can be carried forward for up to five years before they expire. Work out how much super to pay with the Australian Taxation Office's (ATO) super guarantee contributions calculator. Insurance premiums are contributions. The ATO sends an excess non-concessional contributions tax release authority to Vinnie's super fund instructing them to release $47,000 from his super. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. Payment (if required) is also due on this date. You were under 71 years old on 30 June 2022. 5% in 2022–23). Please note, your total super balance includes super held outside of AustralianSuper. If you don't meet your super guarantee (SG) obligations, you may have to pay additional penalties or charges on top of the super. You were under 71 years old on 30 June 2022. Check when to use this workbook and why we need the information, and how to get it in a portable document format (PDF). Module 3: Setting up super for your employees. How super is taxed. Generally, you have to pay the super guarantee to employees who are: Under 18 and working more than 30 hours per week. SuperStream transmits money and information consistently across the super system – between employers, funds, service. This includes: $27. the matching rate was set at 50%. If possible, try to resolve your complaint by discussing it with your employer before reporting them. The Government will also set public targets for the ATO on. At the Income tests heading: Enter at Tax-free government pensions or benefits the total amount of tax-free pensions and benefits you received during 2021–22. Ordinary time earnings are what you earn for your ordinary hours of work. Say from 2018-19 to 2021-22, your concessional contributions amounted to $15,000. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. gov. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. Before-tax super contributions cap. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). Have you determined. we advise you that your employees do not have a stapled super fund. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. From 1 July 2021, the concessional contributions cap is $27,500. This includes the small business retirement exemption and the 15-year CGT exemption. 7 million. After-tax super contributions are a great way to invest the extra money from a pay rise, bonus or inheritance. Super is a great way to save money for your retirement. There are other eligibility criteria you must meet. Taxable component of $300,000 = 75%. From 1 July 2021, the concessional contributions cap is $27,500. If you have already lodged your tax return with the incorrect information, you may need to lodge an amendment request. go over the concessional contributions cap. Find out what amounts you need to include in which worksheets. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you. If your contributions amounts go over these caps, you may have to pay extra tax. Too easy! eligibility for the super co-contribution. This information should be included on your payslips. the maximum co-contribution entitlement was set at $500. Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year. gov. General concessional contributions cap. However, there are certain circumstances where you can contribute more than $27,500 in one year. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Lodge an amendment if any of the following apply to you: Senior Australian or pensioner tax offset. Division 293 tax may reduce the tax concession on super contributions for individuals. This means the before-tax contributions made to a super fund – these are taxed at a lower (i. You must enter the amounts of your: personal super. They are taxed at a flat rate of 15% in your super fund. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. 2. Hybrid funds can provide:for personal super contributions visit the Australian Taxation Office (ATO) website at ato. au Your entitlement to super as a worker, how to make extra voluntary contributions, and how to keep track of your super. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of $40,000. It will not affect your total. 4 min read. Your employer must pay SG contributions into your super account at least every three months. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. accumulation phase are taxed at 15%. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). concessional (before-tax) contributions cap, which limits the amount that can be contributed to your super fund that is taxed at the concessional rate of 15%. small business 50% active asset reduction. If your super contributions exceed the limit you may be required to pay excess contributions tax of up to 47%. Note: Payments may take up to 7 business days to be transferred through the ATO and super fund before they reach the employee's super fund account. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. Super co-contribution. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. The ATO issues Vinnie with an excess non-concessional contribution tax assessment for $47,000 ($47% of $100,000). You only need to do this if you missed paying the minimum super. 7 million on 30 June of the financial year before the one in which you want to make your contribution. Module 7: Reducing the risk. Provide employees' TFNs to their funds. Module 2: Working out if you have to pay super. super fund details before making a super contribution. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. the maximum co-contribution entitlement was set at $500. Claiming deductions for personal super contributions. Maximum offset amount is reduced by $0. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. Tax and restrictions on contributions. Do not include: any contract payments that are for material and equipment. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. Hybrid super funds. However, if the cap is exceeded, they may need to pay extra tax. If you choose to have the contributions offset. This lets us know the amount you’d like to claim. ato Go to. The MSCB for 2023–24 is $62,270 per quarter ($249,080 per year), which equals a maximum SG contribution by your employer of $6,849. The super fund pays the $47,000 to the ATO in compliance. External Link. If you go over the cap, at the end of the financial year, the ATO will give. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). Super investment options. It still applies if you want to claim a personal super contribution deduction. The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business. It's a tax-free contribution even if only one of you is listed as an owner. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. small business retirement exemption. GST. Work out the best way to grow your nest egg. To exclude the amount from your non-concessional contributions cap and have it count towards your CGT cap amount instead, you must notify the fund using the CGT cap election form . The super co-contribution does not need to be claimed. your fund can't accept personal contributions. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. au/forms Annual contributions limits apply – see page 4. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). Super contributions should either be made to: the employee’s chosen fund; you should make a stapled super fund request and make contributions to the fund that we advise. By registering with these funds, you agree to. au Concessional contributions These are before tax contributions, such as productivity, salary sacrifice contributions and membersalary-sacrificed super contributions are classified as employer super contributions that are taxed in the super fund (instead of being employee super contributions from after-tax income). For eligibility criteria visit ato. It will help you work out the SG sub-totals of each individual superannuation fund and the total of all contributions payable. Generally, the ATO will not pursue unpaid super enquiries relating to contribution periods that ended more than five years ago. The ATO calculates if you are eligible for a co-contribution payment and pays the amount directly into your super account. This means that the maximum super guarantee amount an employer is required to contribute is the equivalent of 11% of $62,270 per quarter (equivalent to $249,080 for the. Reportable superannuation contributions are extra money that you or your employer have paid into your super in addition to the mandatory super payments. As an employer, the most common type of super contribution you will be making is your quarterly SG contribution obligation. Use this checklist to review the health of your super in 5 easy steps. the matching rate was set at 50%. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them. For 2023/24 the maximum superannuation contribution base is $62,270 per quarter. If you are eligible to. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. super fund details before making a super contribution. gov. Maximum before-tax contribution. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourSuper is an investment in your future. Your total income for 2021–22, was less than $56,112. This is the maximum you can contribute in any one financial year. These are generally: any contributions your employer made for you, including any salary sacrifice contributions. At Prepare return, select 'Add/Edit' at the Income tests banner. Those are: the SG rate increased from 10% to 10. After-tax contributions. the maximum co-contribution entitlement was set at $500. Generally, the ATO will not pursue unpaid super enquiries relating to contribution periods that ended more than five years ago. Non-employer contributions. we advise you that your employees do not have a stapled super fund. under 18 years old, you pay it if they work more than. Hybrid funds are super funds that provide a combination of accumulation benefits and defined benefits. super. If you’re a low-income or middle-income earner, you may be eligible for super contributions from the Australian Government. The general concessional contribution cap is $27,500 per person. gov. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. Last modified: 02 Aug 2023 QC 73085. Superannuation contribution on behalf of your spouse tax offset. See full list on ato. Use this workbook to help you complete question A3 in your tax return 2023. you may miss out on a super co-contribution, if eligible. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. au. As an example, say your salary is $36,000. As an example, say your salary is $36,000. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. reportable employer super contributions; deductible personal super contributions. $17,353 if no employee contributions are made. the amount of $5,000 being less than 85% of the $10,000 contributed by his employer, and. Check which earnings qualify for super and use the super guarantee calculator to work out the amount. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. Module 2: Working out if you must pay super. gov. e. This includes: $27. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. 7 million. to help consolidate super accounts within and across funds. $4,145 if employee contributions of $7,000 are made. Understand super basics. However, super contributions you make for an associate of an employee are subject to FBT. Your total superannuation balance at 30 June 2021 was less than $1,600,000. Always confirm the details of any super contributions with your accountant or tax agent. Amount. Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000. 6 million on 30 June of the year before. Although RESC are not included in your employee’s assessable income. At the end of the income year, ABC includes $8,700 on Pieter’s payment summary as reportable employer super contributions: The super guarantee amount of $5,700 is not included anywhere on the payment summary. use our Report unpaid super contributions from my employer tool to let us know your employer has not been paying enough super. the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. The exception is downsizer contributions, which you could make if you were 65 years or older. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. Super contributions to defined benefit and. You may be able to choose the super fund your SG contributions are paid into. Once we receive your form, we’ll write to you to confirm the amount you. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. 5% in 2022–23). 6 million on 30 June of the year. Module 4: Calculating super guarantee. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000).