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Super guarantee, salary sacrifice and contribution changes

In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Shaun Backhaus, Senior Associate, discuss the latest changes contributions, super guarantee (SG) changes and the need to review and update salary sacrifice arrangements.

Zac and Shaun discuss the recent ATO publication CRT Alert 009/2021 that allows individuals to re-contribute amounts withdrawn under the COVID-19 early release of super scheme without them counting towards their non-concessional contributions cap.

Zac and Shaun also discuss the importance of reviewing salary sacrifice arrangements in light of the recent SG changes and the increase in concessional contribution cap. The recent changes means that many employers with existing salary sacrifice arrangements could have fall short in paying their employees the SG minimums. It is important that employers review salary sacrifice arrangements to ensure that there is no shortfall, as the consequences for not paying the SG minimums are serious and include hefty penalties.

Finally, Zac and Shaun discuss how super contributions can be paid for children under the age of 18.

Shaun will be presenting DBA Network Pty Ltd’s SMSF Online Update on 10 September 2021 and will be covering contribution strategies, recent changes plus more. To register, please click here.

For a chance to have your SMSF query addressed on the show, please send your questions to [email protected].

Related articles and links below.

CRT Alert 009/2021

Contribution reserving — are you aware of all the risks?

Salary sacrifice amounts and SG changes

DBA Network

DBA Lawyers

Hosts (in order of appearance): Zacharia Galloway, Lawyer and Shaun Backhaus, Senior Associate

30 August 2021