Compulsory Superannuation to Apply to More Employees (Budget 2021 Alert)

| Business

Broadly, the current compulsory superannuation laws do not require an employer to pay superannuation for an employee who earns less than $450 per month. The Budget announcement is that this income threshold will be scrapped.

The effect of this change is that around 300,000 individuals will receive additional superannuation guarantee payments each month.

The change is to be effective from the first financial year after Royal Assent of enabling legislation

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