About this time every financial year, it’s an excellent time to review any super contribution opportunities. However, since March 2020, there has been high volatility in investment markets, which may have created extra potential for clients to benefit. There have also been changes to super contribution rules over the last few years
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.
The super guarantee amnesty is a one-off opportunity to correct
Recent changes to the superannuation monitoring and reporting regime means that self-managed superannuation funds (SMSF) will increasingly be required to provide real time and up-to-date data throughout the year as opposed to the more traditional annual reporting.
AH Jackson and Co partner, Elias (Leo) Manicaros said the complex changes which came into effect on 1