Super Guarantee changes

Super guarantee changes

From 1 January this year, an employer can no longer use salary sacrificed contributions to satisfy their super guarantee obligations.

This measure was announced in July 2017 and was finally approved by Parliament in October last year.

The change also means that if an employer has a shortfall, any amounts sacrificed into superannuation that would have been salary or wages will be taken into account in calculating the amount of the shortfall.

Tip! Talk to your tax adviser if you are uncertain about the impact of these changes.

Ref: TaxWise Business February 2020

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