2019 Top Tax Changes – Superannuation Guarantee

  • A one-off 12-month amnesty period if proposed from 24 May 2018 to 23 May 2019 to encourage employers to self-correct historical SG non-compliance,
    • Currently, if you fail to meet the quarterly SG deadline you are required to provide an SG Statement the following month, and you will have to pay a non-deductible SG Charge to the Australian Taxation Office (ATO), 10% p.a. interest (calculated on a daily compounding basis), and a $20 administration fee per quarter per member.
    • Under the proposal, an employer that has an SG shortfall amount in any period from 1 July 1992 up to 31 March 2018 has the ability to claim tax deductions in respect of SG charge payments made and contributions that offset the SG charge to the extent that the charge relates to the SG shortfall. In addition, the administrative component to the SG charge will not apply.
  • and allow employees receiving superannuation contributions from multiple employers to apply to the Commissioner to opt out of the regime of an employer.
  • Proposed amendments will give employees under workplace determinations or enterprise agreements made on or after 1 July 2018 the right to choose their superannuation fund under the choice rules, and provide that amounts sacrificed under an employee salary sacrifice arrangement cannot reduce an employer’s mandatory SG contribution.

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