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Workplace Relations and Superannuation Newsletter - May 2012
Employers need to prepare for significant superannuation changes
Employers need to be aware of a plethora of superannuation changes that will impact them directly. Changes include new payslip reporting requirements, the abolition of the SG age restriction, increases to the SG percentage amount as well as changes to the manner in which employers transact with superannuation funds. Many of the changes have short lead times for compliance and non-compliance exposes employers to penalties.
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Directors personally liable for unpaid superannuation guarantee contributions
Directors are set to become personally liable for their company's failure to meet its SG obligations. In April 2012 the government released draft legislation detailing how it proposes the penalty regime to apply to unpaid SG contributions. Importantly for new directors it is proposed that they can be liable for the company's failure to pay SG contributions prior to becoming a director! The proposal details time limits and notification requirements as well as minimal defences.
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Superannuation and Wealth Management
Workplace Relations and Safety
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For information on our Workplace Relations and Safety Group click here and for further information on our Superannuation and Wealth Management Group click here.
Important disclaimer: The material contained in this publication is of a general nature only and is based on the law as at 16 May 2012. It is not, nor is intended to be, legal advice. If you wish to take any action based on the content of this publication we recommend that you seek professional advice. |
