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Star & Associates
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Posts Tagged ‘superannuation’

Early release of superannuation for temporary residents

The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 have been made to allow temporary residents affected by the adverse economic effects of coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds. The regulations build on the amendments introduced in Sch 13 of the…

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COVID-19: Super guarantee exclusion for JobKeeper payments

The Superannuation Guarantee (Administration) Amendment (JobKeeper Payment) Regulations 2020 ensure employers need not make additional superannuation guarantee (SG) contributions as a result of participating in the JobKeeper scheme. The exclusion is relevant for employees otherwise earning wages of less than $1,500 per fortnight, which is the minimum payment required under the scheme.   An employer…

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COVID-19: Super guarantee amnesty

The ATO has advised that employers affected by COVID-19 should apply for superannuation guarantee amnesty by 7 September 2020, even where they are concerned that, as a result of COVID-19, they will not be able to pay the liability. The ATO will work with employers to establish a flexible payment plan to assist in making…

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