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%.
The super guarantee (SG) is scheduled to increase from 9.5% to 10% from 1 July 2021. SG is the minimum super an employer must pay their employees.
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
Small Business Superannuation Clearing House users – want to claim a deduction for super contributions? Your super payments must be accepted by 23 June 2020.
The Assistant Treasurer and Minister for Housing announced the proposed Superannuation Guarantee Amnesty and re-introduced the associated legislation into Parliament.
We’re not trying to recommend who you should vote for, but instead we believe that it is vital that our clients understand how they will be affected by the result of the Election.
Employers are increasingly being subjected to a rolling series of audits by the ATO when they slip behind on their SG obligations, as the Tax Office has now taken a harder line on non-compliance.
Single Touch Payroll is mandatory for employers with 20+ staff from 1 July 2018, and will be mandatory for all employers 1 July 2019. Read how to get ready.
How to help ensure your superannuation contributions don’t exceed the caps Changes in the superannuation contribution caps, which kicked-in last year, give an added reason to keep a close eye on your contributions. From 1 July 2017, the concessional contributions cap was reset to $25,000… Read More >>
Superannuation Guarantee Amnesty On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty… Read More >>