Second Stimulus Package to combat COVID-19

As expected, further business stimulus packages have been announced.  The Federal Government has realised that the initial package offered was not sufficient to target all the various types of Small Businesses in Australia.  In particular, Sole Traders were inadvertently ignored – but this has now been addressed. This morning, the Prime Minister Scot Morrison announced
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Changes to salary sacrificed super contributions

From 1 January 2020, salary sacrificed superannuation contributions cannot be used to reduce an employer’s Superannuation Guarantee obligations, regardless of the amount your employee elects to salary sacrifice. Therefore, salary sacrificed amounts do not count towards your Superannuation Guarantee obligations. This change means that the employee’s 9.5% Superannuation Guarantee is now calculated as – The
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Superannuation Guarantee Amnesty bill passes Parliament

We can announce that the long-awaited Superannuation Guarantee (“SG”) Amnesty bill has now passed both houses of Parliament, and is now waiting Royal Assent to become law. The SG Amnesty was a government introduced initiative to provide employers a one-off opportunity to self-correct past non-compliance with SG payments for employees. It was initially aimed to
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