Following the ratification of the Treasury Amendment (2018 Superannuation Measures (No.1) Act 2019, from New Year’s Day 2020, eligible individuals with multiple employers will be able to opt out of Superannuation Guarantee (SG) contributions to assist them in avoiding overstretching their contributions cap.
For a high-income earner with multiple employers, where appropriate, they can submit a form to apply for an SG employer shortfall exemption certificate; a form releasing one or more of their employers from their SG obligations for up to four quarters in one financial year. Eligible persons will still be required to receive SG contributions from at least one of their employers during this time.
To allow employees time to make their applications, the ATO will accept applications for the 2019/2020 financial year for the third and fourth quarters as below:
Third quarter: lodge on or before 18 November 2019
Fourth quarter: lodge on or before 31 January 2020
If you require any further assistance in relation to Superannuation Guarantee Contributions and would like advice in this area, you are welcome to contact our team of experienced taxation accountants by clicking here to submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a teleconference or appointment.