High Income Earners Superannuation Guarantee Opt-Out Now Law
Previously we wrote about potential changes to Super Guarantee (SG) laws which would allow for certain individuals to opt-out of receiving compulsory SGC from an employer.
The Treasury Laws Amendment (2018 Superannuation Measures No1) Bill 2019 received Royal Assent on 2 October 2019 and will commence on 1 January 2020.Eligibility for the opt-out:
The ATO has now released the application form which can be found here. To apply for Quarter 3 of the 2020FY (January 2020 -- March 2020) you must lodge the form by 18/11/19.
The form must be completed each financial year that you wish to opt-out. It can be used for up to four quarters in the financial year.
The ATO has recommended that those who wish to take advantage of this scheme should discuss their options with their employer prior to applying for an exemption certificate as the employer is not obligated to comply with the certificate. The certificate cannot be varied or revoked once it is approved and must be reapplied for each financial year.
If you would like to take advantage of this exemption or discuss further, please contact your Oxygen Private Clients or Lumiere Private Advisory client manager.
DISCLAIMER: The information contained in or referred to in this Blog Post is general in nature, subject to change, and should not be taken as advice for your individual or your group's circumstances. It is for information only and does not take into account any person or group's specific circumstances, objectives, financial situation or requirements. It does not constitute taxation, legal or financial advice. Oxygen Private Clients and Lumiere Private Advisory recommend you seek specific professional advice before making any decision or taking any action.