Super Guarantee Opt-Out Coming for Certain Individuals

Super Guarantee Opt-Out Coming for Certain Individuals

Like the SMSF penalties here, this event also passed through both houses of parliament and awaits royal assent.

Certain high income earning individuals will be eligible to get an employer to not make super guarantee payments on their behalf in the future. The intention of the new law is to alleviate any unintended breaches of the concessional contributions cap.

Under the law, the ATO would provide the employer with a superannuation guarantee shortfall exemption certificate.

If you have any further questions about financial planning or require any other accounting advice, please contact us here.

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