After months of uncertainty, the Senate has passed the Federal Government's superannuation reform package. The initial proposal from the May 2016 Federal Budget has seen significant amendments. Much of the change has a commencement date of 1 July 2017 and generally speaking, the superannuation environment will be more restrictive after July 2017. This provides superannuation fund members with a seven-month window to take advantage of the existing provisions and best position their superannuation assets to provide maximum benefits into the future. The opportunity is significant and the time to act is now.

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business.

However, those who fail to meet their super obligations risk facing severe and even damaging liabilities.
Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)