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If you're a small business with employees, it's important to understand the rules about paying them superannuation. The superannuation guarantee (SG) applies to employees 18 and over who earn more than $450 before tax in a calendar month.
The ATO is getting more proactive to force employers who aren’t complying with their Superannuation Guarantee obligations under an enforcement technique enabled by the increasing availability of taxpayer data.
New legislation to amend laws relating to Super and PAYG withholding compliance have become effective from 1st April 2019:
- The ATO are now able to disclose information to employees:
- the non-payment of superannuation by employers (past and present) including the actions they can take to get their superannuation paid.
- Advising if there is reasonable doubt superannuation not been paid
- Any action the ATO has or is taking in relation to the non payment.
- STP reporting will apply to all employers making identification of employers who are not compliant easier.
Superannuation Contribution Caps
- Superannuation Guarantee maximum contributions required to be paid by the employer has increased to $55,270 per quarter from 1 July 2019
- Superannuation concessional contribution, which is super calculated before tax, the cap remains at $25,000 from 1 July 2019
- Superannuation Guarantee which is the minimum of superannuation an employee must pay to their employee, remains at 9.5%