Super Alert // Do you have multiple employers?
Are you eligible to opt out of receiving super guarantee?
As a result of recent changes to legislation (Treasury Laws Amendment, (2018 Superannuation Measures No.1) Bill 2019), from 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (SG) from some of their employers. This will help you avoid unintentionally going over the concessional contributions cap.
You may be eligible to opt out if you:
- have more than one employer, and
- expect your employers’ mandated concessional super contributions to exceed your concessional contributions cap for a financial year.
This measure may not benefit everyone who’s eligible. Consider your employment arrangements, such as how your pay and other entitlements may change and the effect of any relevant award or workplace agreement applicable to you. Those eligible will need to ensure they still receive their full remuneration.
You may need to negotiate with the relevant employers to have the forgone contributions paid as additional salary. Bentleys will be able to provide you with further advice based upon your circumstances.
If you think you meet the eligibility requirements, please contact your Bentleys advisor today to see how we can assist you moving forward.
Disclaimer: This information provided by Bentleys NSW is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and
needs before making any decisions based on this information.