Superannuation Changes from 1 July 2021

24 June 2021

Changes to superannuation will be taking effect on 1 July 2021.
We have outlined the key changes and information for you.

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Increase in Super Guarantee & Minimum Wage

22 June 2021

On 1 July 2021, the superannuation guarantee and minimum wage will increase.

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Halving of Minimum Pension Draw Down Rates

7 June 2021

An Extension of the Temporary Reduction in Superannuation Minimum Drawdown Rates

In an effort to assist retirees during the coronavirus pandemic, the Government introduced a temporary 50% reduction in superannuation minimum drawdown rates. This reduction was set to end this financial year but has been extended to 30 June 2022 to include the 2021-22 financial year.

Minimum annual payment requirements, calculated on 1 July each year, will be affected by the extension.

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Super Guarantee Amnesty

23 May 2020

Amidst everything that has been happening in Australia since COVID-19, the Super Guarantee Amnesty finally came into effect with The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 receiving Royal Assent.

The amnesty provides employers with an opportunity to self-correct historical superannuation guarantee (SG) non-compliance, without incurring the administration component or penalties. The amnesty period applies from the 24th May 2018 to 7 September 2020.

Ordinarily, where an employer fails to pay an employee’s super on time, the employer will be required to lodge a Super Guarantee Charge (SGC) statement and pay the SG charge on any SG shortfall amounts.  

The SGC is made up of:

  • SG shortfall amounts;
  • Interest on those amounts;
  • An administration fee of $20 per employee per quarter.

Additionally, if any employer lodges their SCG statement late, they are also liable for a “Part 7” penalty. This penalty is paid on top of the SGC that employers owe, with the maximum penalty being 200% of the SCG amount. The Commissioner of Taxation currently has the power to remit all or part of the penalty payable.

No part of the SCG payment or penalties is tax deductible. 

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ATO texts to update bank details

1 November 2018

From 5 to 23 November 2018, the ATO will be sending SMS text messages to individuals and businesses entitled to a refund who have provided incorrect bank account details in their tax return. You will receive a text directly from the ATO if a refund bounce occurs.

Many people are understandably wary about text messages and emails requesting bank details, considering the number of hoaxes and scams that abound these days.

It is important to be aware that ATO texts during this period are not a hoax and updating your bank details will ensure you receive your refund. BUT be warned, scammers are likely to impersonate the same SMS so you will need to carefully check the text for legitimacy.

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