Employers warned that SG salary sacrifice ‘loophole’ is now closed

The Institute of Public Accountants has warned employers that a Superannuation Guarantee salary sacrifice‘loophole’ has now been closed. Previously employers were allowed to claim the salary sacrifice superannuation contributions of their employees against their own Super Guarantee obligations – leaving the employee worse off. Last year legislation – the Treasury Laws Amendment (2019 Tax Integrity… Continue reading Employers warned that SG salary sacrifice ‘loophole’ is now closed

Closing Salary Sacrifice ‘loophole’ Bill passes Parliament

The Bill to close the ‘loophole’ allowing employers to use employee Salary Sacrifice contributions to offset their Super Guarantee obligations has passed the Parliament. The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 has passed the Parliament, after the Government agreed to amendments made in the Senate. The Bill passed… Continue reading Closing Salary Sacrifice ‘loophole’ Bill passes Parliament

Labor wants Salary Sacrifice SG ‘loophole’ closed retrospectively

Labor is in favour of closing a Salary Sacrifice ‘loophole’ retrospectively from 1 July 2019, though it is unclear if this will be legislated. A Bill is currently before the Parliament which would, amongst other measures, stop employers from being able to count the Salary Sacrifice contributions of their employees against the (employer’s) Super Guarantee… Continue reading Labor wants Salary Sacrifice SG ‘loophole’ closed retrospectively

Salary Sacrifice change not enough to stop superannuation “robbery”

Stopping employers ripping off workers by using Salary Sacrifice contributions to satisfy their Super Guarantee obligations is a welcome change, but doesn’t go far enough, says Industry Super Australia. A Senate Committee is currently inquiring into a Bill which would, in part, stop employers counting the Salary Sacrifice contributions of employees against the Super Guarantee… Continue reading Salary Sacrifice change not enough to stop superannuation “robbery”

Salary Sacrifice loophole shouldn’t remain open into 2020

The Institute of Public Accountants has criticised legislation that would leave a superannuation salary sacrifice loophole open until July 2020, and called for immediate action to stop this “legalised wage theft”. Under current rules, when an employee salary sacrifices to make extra superannuation contributions their employer is allowed to offset these contributions against the Super… Continue reading Salary Sacrifice loophole shouldn’t remain open into 2020

Super choice and salary sacrifice Bill scheduled again for debate in Senate

The Government has put its Bill to expand super choice and close a salary sacrifice ‘loophole’ up for debate in the Senate in Budget week. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 is scheduled for debate in the Senate on Thursday. The Bill would expand choice… Continue reading Super choice and salary sacrifice Bill scheduled again for debate in Senate

Super choice expansion & closing salary sacrifice loophole Bill introduced

The Government has introduced legislation to expand choice of super fund for employees and close a superannuation salary sacrifice ‘loophole’. These changes are contained in the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017. Meanwhile several superannuation Bills have been introduced to the Senate before the House of… Continue reading Super choice expansion & closing salary sacrifice loophole Bill introduced

Superannuation salary sacrifice loophole changes “too weak”

Proposed legislative changes to close a superannuation salary sacrifice loophole are “too weak to be effective”, says Industry Super Australia. The Government has announced it intends to legislation to close a so-called loophole allowing employers to count the salary sacrificed superannuation contributions of their employees against their Super Guarantee obligations. However Industry Super Australia (ISA)… Continue reading Superannuation salary sacrifice loophole changes “too weak”

Government plans to close superannuation salary sacrifice SG loophole

The Government has announced plans to close a loophole which allows employers to claim salary sacrifice superannuation contributions against their Super Guarantee obligations. “The Government will seek to legislate a key recommendation of the Superannuation Guarantee Cross‑Agency Working Group to close a loophole that could be used by unscrupulous employers to short‑change employees who choose… Continue reading Government plans to close superannuation salary sacrifice SG loophole

Close super guarantee salary sacrifice ‘loophole’, Senate inquiry told

A Senate inquiry has been told that a ‘loophole’ which allows salary sacrifice contributions to be counted against Superannuation Guarantee (SG) obligations should be closed. The Senate has been conducting an inquiry into Super Guarantee non-payment. Several of the submissions to the inquiry have called for this, so-called, loophole to be closed, including a joint… Continue reading Close super guarantee salary sacrifice ‘loophole’, Senate inquiry told