Revised superannuation contributions reporting requirements from 1 July 2012, plus an undercover tax slug on the “wealthy”

The government is proposing to amend the Superannuation Industry (Supervision) Act 1993 and regulations to require most employers, when reporting superannuation entitlements on payslips, to state the day by which the employer intends to make the contribution, as well as the amount of the contribution.

At present, employers are required to report on payslips either entitlements to superannuation accrued during the pay period, or actual contributions, so that employees cannot tell from the payslip whether their superannuation contributions have already been made, or when they will be made.

The new requirement will apply to superannuation contributions accrued after 1 July 2012, and was announced during the 2010 federal election and in the 2011-12 Budget.

The government’s announcement of the new Bill before parliament has appeared only weeks after an exposure draft was released, prompting criticism that did not allow time for a considered response from some stakeholders.  It can be found HERE.

Superannuation changes do not stop there. The government, in its anxiety to close the deficit, again has again focussed on those approaching (or trying to approach?) retirement. The government announced late in 2011 that it would defer indexation of the general superannuation concessional contributions cap for one year until 2014-15, when it is expected to rise to $30,000 from the current $25,000. Indexation of the concessional contributions cap for persons aged 50 and over and the non-concessional contributions cap will also be deferred.

© Guerdon Associates 2024
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