18 February 2020
These changes, effective from 1 January 2020, relate to how you work out your superannuation guarantee (SG) obligations when an employee makes super contributions by salary sacraficing.
The changes are:
If you haven't already done so, revisit your agreements with employees to make sure you're meeting the new rules and paying the right amount of SG. This may include checking and updating your systems to make sure they calculate the SG amount correctly.
You can continue to claim a tax deduction for salary sacrificed super contributions and the sacrificed amounts won't be subject to fringe benefits tax.
If you have any questions then your accountant, registered tax agents and BAS agents can help.
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