Salary Sacrifice Integrity and Choice of Super Fund: Bill introduced
Liz Gibbs • September 13, 2017
The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 2) Bill 2017 , introduced in the House of Reps Thur 14.9.2017, proposes the following amendments to the Superannuation Guarantee (Administration) Act 1992 :
- SALARY SACRIFICE INTEGRITY: employers will be prevented from using an employee's salary sacrifice contributions to reduce their own minimum 9.5% super guarantee (SG) contributions. Salary or wages sacrificed to superannuation will be specifically included the earnings base for calculating an employer's SG contributions on the pre-salary sacrifice base.
- CHOICE OF FUND: to be extended to employees covered by workplace determinations and enterprise agreements made on or after 1 July 2018.
The Bill has been referred to the Senate Economics Legislation Committee for report by 23 October 2017.
DATE OF EFFECT: 1 July 2018.
If you have any questions about how the proposed changes apply to you, please don't hesitate to contact Liz Gibbs at Robert Goodman Accountants on 07 3289 1700.
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