GST Point-in-Time Service Updates

The GST Point-in-Time Service has been updated to include the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 (Cth) (Act 78 of 2019).

Act 78 of 2019

Schedule 1 to the Act amends the Superannuation Guarantee (Administration) Act 1992 (Cth) to allow individuals to avoid unintentionally breaching their concessional contributions cap when they receive superannuation contributions from multiple employers.

Instead of receiving contributions into superannuation, an employee may apply to the Commissioner to opt out of the superannuation guarantee regime in respect of an employer and negotiate with the employer to receive additional cash or non-cash remuneration. The amendments achieve this outcome by allowing certain employees with multiple employers to apply to the Commissioner for an ‘employer shortfall exemption certificate’, which prevents their employer from having a superannuation guarantee shortfall if they do not make superannuation contributions for a period.

Schedule 2 to the Act ensures that the non-arm’s length income rules for superannuation entities apply in situations where a superannuation entity incurs non arm’s length expenses in gaining or producing the income.

Schedule 3 to the Act amends the total superannuation balance rules to ensure that, in certain circumstances involving limited recourse borrowing arrangements, the total value of a superannuation fund’s assets is taken into account in working out individual members’ total superannuation balances.

These new amendments have been updated in the Point-in-Time GST Service current to 13 October 2019. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.