Be aware of fringe benefits obligations when salary packaging. Salary packaging is an arrangement between an employer and employee for the employer to provide certain benefits to the employee or associate of the employee in lieu of cash.
The current rate of compulsory Superannuation Guarantee (SG) is due to increase to 10% in July 2021. It has been frozen at 9.5% since July 2014 and there have been many arguments for and against increasing SG contributions from the current rate of 9.5% to 12%.
Superannuation is a very tax-effective vehicle to save for retirement. We outline some tips to help you maximise your super.