Directors take note - Superannuation guarantee exemption now law

The new law provides a mechanism to stop multiple employers from having to make superannuation contributions for a director that may sit on multiple boards.

Company directors who sit on more than one board (or employees who work for more than one employer) may exceed their annual concessional superannuation contributions cap of $25,000 due to the compulsory superannuation contributions that each company or employer is separately required to make based on the individual’s earnings from that company or employer.These excess contributions can result in additional administration and tax payments for the individual and their superannuation fund. ...

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Authors: Ben Travers, Andrew Holland

Published Date: 03 October 2019