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

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”

Bills introduced for changes to LRBAs, NALI, SG opt-out and Salary Sacrifice

The Government has moved to legislate several of its integrity measures around superannuation, introducing Bills for Super Guarantee opt-out, including LRBAs in Total Super Balance, Non-arm’s length income for expenses and to close the Salary Sacrifice ‘loophole’. Each of these measures, some of which date from 2017, have previously been put before the Parliament –… Continue reading Bills introduced for changes to LRBAs, NALI, SG opt-out and Salary Sacrifice