2012 Federal Budget... what it means for AUSCOAL Super employers
Last week, the government handed down its 2012 Federal Budget. There were a number of important announcements for super. Along with the changes detailed in the government’s Stronger Super package we expect it to be a busy 12 months on the super front.
For employers, there were three changes in particular that could have an impact on your remuneration policies and practices:
- A limiting of the tax offset available to Employment Termination Payments.
- Changes to the rules relating to living away from home allowances.
- The deferral of the $50,000 super contribution cap for people over 50 with less than $500,000 in super until 1 July 2014.
It’s important that you understand these changes and consider if you need professional advice.
Here’s a comprehensive summary of the changes, with the general implications for employers, along with our recent communication we sent to members last week.
Keep in mind that the changes are only proposals and won't take effect until passed by parliament.
If you have any questions or need help call us on 1300 AUSCOAL (1300 287 262), Monday to Friday, 8am to 6pm (AEST or AEDST when in operation) or email enquiries@auscoal.com.au, and ask to speak to our Business Development Unit.
We hope you find this useful.
From your Business Development Unit at AUSCOAL Super
The above information is based on our understanding of current Australian laws and assumes these laws will remain unchanged. This information is not to be taken as legal advice and employers should seek their own advice in regards to their rights and obligations under relevant law. Issued by AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989 AFSL 246864.