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ATO reminder about salary packaged super

The ATO has provided information for employers, payroll software providers and intermediaries who may need to change the way they calculate SG

The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (SG) obligation their employer has even though doing so reduced their Ordinary Time Earnings.

The ATO advises that, from 1 January 2020, you calculate the minimum amount of SG on the employee’s ‘OTE base’. This is the sum of the employee’s OTE and any OTE amounts they sacrifice in return for super contributions.

Additionally, super contributions to an employee’s fund under an effective salary sacrifice arrangement no longer count towards an employer’ super guarantee obligations.

Speak to us; we can offer you affordable, reliable bookkeeping services that not only ensure your financial data is up-to-date but also that it’s correctly coded saving you money on your end of year financial returns.  Contact Omnis Group’s Business Accountants on 08 9380 3555 for a free, no-obligation quote.

Related reading

https://www.omnisgroup.com.au/business-accounting-taxation/new-super-guarantee-amnesty/

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel