Changes to Super are coming.
| Chris Lindgren
This article was published on the date shown and reflects the rules and rates that applied at the time. Tax, superannuation and payroll rules change — check current ATO guidance or speak to us before acting on it.
From 1 July 2017 individuals with an adjusted taxable income above $250,000 will pay an additional 15% tax on contributions that aren't in excess of their annual superannuation contribution cap.
Additionally, the mandatory super contributions cap will be lowered to $25,000 for all individuals. (They are currently $30,000 for those under age 50; $35,000 for those aged 50 and over.)
Legislation is currently being developed for this measure.
As we hear more we will update you.
PayMe pays superannuation for every contractor we pay, and can set up salary sacrifice into your fund at no extra cost — see what's included with PayMe payroll.
