SG Loophole closed
Perrier Ryan • February 6, 2020
Passed last year, but in effect from 1 January 2020, it is now explicitly clear that employee salary sacrifices to superannuation cannot reduce an employer's SGC charge - and, that SG is paid on the pre-salary sacrifice base.
The software companies such as XERO will have made the necessary adjustments but employers should check to satisfy themselves that SG is being dealt with properly and in accordance with the new measures.
Visit the ATO website for more detail.
The rush toward end of financial year is on us - here are a couple of important things to consider at this time: Maximise your Super One key opportunity in your superannuation strategy is to make the most of your Concessional Contributions - but get them in before 23 June 2025 to ensure they're processed in time. Another valuable opportunity is the carry-forward contributions - remembering that unused cap amounts from the 2019-2020 FY will expire after 30 June 2025 - so this is your last chance to use them. Take Advantage of the $20,000 instant asset write-off before 30 June 2025 If you're a small business owner, now is the time to consider investing in new equipment or assets. The $20,000 instant asset write-off has been extended for the 2024–25 financial year — but it expires on 30 June 2025 and there is currently no confirmed extension beyond this date. This applies to assets that are first used or installed ready for use between 1 July 2024 and 30 June 2025. For more, see our attached information , or, call the office - 3391 7566
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