Superannuation legislation is always being revised, so it's important to keep up to speed with any changes that could affect your business or your employees. Here are some of the most recent changes to super legislation.
If you have 20 employees or more, you’ll need to be fully compliant with the SuperStream legislation. If you’ve got fewer than 20 employees, then you should be starting your transition to compliance, as this was due on 30 June 2016.
What are the effects of the superannuation guarantee increasing?
Increases in the superannuation guarantee (SG) rate directly benefit employees in the basic accumulation category. That’s because the employer payments you make for them are equal to the SG rate, multiplied by the employees' Ordinary Time Earnings (OTE).
Many employees in our other account types already receive amounts greater than SG. These rules are unchanged from 1 July 2013, and for many employees there’ll be no increase to contributions. However, as SG increases in future, you’ll need to compare the employer payment made under QSuper's rules with the SG rate of the employees' OTE. That way, you can make sure they’re receiving the minimum required under Commonwealth rules.
You’ll find more information about other proposed changes on the ATO website.
If you have 20 employees or more, you’ll need to be fully compliant with the SuperStream legislation. If you’ve got fewer than 20 employees, then you should be starting your transition to compliance, which is due on 30 June 2016.
This applies to employees aged over 70 years. All other SG eligibility rules remain the same.
Go to the ATO website for more information on other proposed changes.
For assistance with general super enquiries contact our Employer Help Desk.
Speak to one of our dedicated Relationship Managers