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Super guarantee opt out multiple employers

Nov 01, 2019

A 2018 Federal budget superannuation measure designed to allow individuals to avoid unintentionally breaching their concessional contributions cap is operative 1 January 2020.

Individuals with multiple employers and who expect the total of their employers’mandated concessional superannuation (SG) contributions to exceed the concessional contributions cap for the year ($25,000) may now apply to the Australian Taxation Office (ATO) for an SG employer shortfall exemption certificate.

Application is made to the ATO by submitting the approved form – NAT 75067, SG opt out for high income earners with multiple employers

The form must be lodged at least 60 days before the start of the quarter(s) to be covered by the employer shortfall exemption certificate.

Because the Treasury Laws Amendment (2018 Superannuation Measures No 1) Act 2019 (Cth) received Royal Assent 2 October 2019, for the 2019–20 financial year, the ATO advises that it will accept applications as follows:

- third quarter commencing 1 January 2020 – lodge on or before 18 November 2019

- fourth quarter commencing 1 April 2020 – lodge on or before 31 January 2020

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