Changes to superannuation legislation for temporary residents
On 1 April 2015, the Australian Government passed draft legislation to remove (effective 1 July 2015) the obligation for employers to offer a choice of superannuation funds to temporary residents.
Employers will still be required to pay the superannuation guarantee contributions into the employer’s default fund.
As you may also be aware, the government has passed many changes to the superannuation requirements this year, noting:
- Legislation was passed recently which prevent employer’s claiming a deduction for superannuation paid, where the payments are late.
- These changes are one of many powerful tax recovery amendments – others include:
- making directors personally liable for any tax owed, on returns lodged more than 3 months’ late (so make sure you are on time!); and
- making directors personally liable, where a director’s penalty notice is posted to the director’s ASIC listed address (even if that address is now incorrect, or if the Australia Post lose the notice).
- Proposed legislation to allow taxpayers to borrow from their superannuation fund to invest in property (as a proposed way to boost investment in property and therefore to boost the economy).