Superannuation Budget Updates – Changes from 1 July 2021

A few changes to the superannuation world that applies from 1 July 2021 onwards, including contribution cap changes, information for employers, individuals aged 60 or over, and changes to work tests.

Superannuation Guarantee Contributions

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Recent changes affecting employers

1 January 2020 seems to be an important day to note for employers as there are 2 changes that employers need to be aware of, in relation to the way superannuation guarantee charges are calculated and payroll tax threshold changes.

Salary sacrificed super contributions and SGC obligations

Prior to 1 January 2020, if an employee decides to salary sacrifice their wages into their super fund accounts, the employer can choose to exclude those amounts in their superannuation guarantee contribution calculation.

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December 2019 Super Due Date

December quarter Super will be due 28 January 2020 – for those who use Xero Auto Super, please submit and approve by 21 January 2020 to allow time to process.

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