Special COVID-19 Super Condition of Release Extended

If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early. The ability to withdraw up to $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19, was initially set to expire on 24 September 2020, however, this has now been extended until 31 December 2020. Eligible citizens and permanent residents of Australia or New Zealand can apply once in the 2020–21 financial year to access up…  Read more

ATO reminder about salary packaged super

The ATO has provided employers with a recent reminder that from 1 January 2020, salary sacrificed super contributions can’t be used to reduce super guarantee obligations, regardless of the amount your employee elects to salary sacrifice.   This means the salary sacrificed amount does not count towards your super guarantee (SG) obligations. A further change is that the super guarantee will be 9.5% of the employee’s ordinary time earnings (OTE)…  Read more

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