Following the passage of the Treasury Laws Amendment (2018 superannuation Measures No.1) Act 2019, from 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
If appropriate for a high income earner with multiple employers, you should submit the SG opt our for high income earners with multiple employers form (NAT 75067) to apply for an SG employer shortfall exemption certificate, which releases one or more of your employers from their SG obligations for up to four quarters in one financial year. However, eligible individuals will still need to receive SG contributions from at least one of their employers for each of those quarter.
To give eligible employees time to make an application following the commencement of this measure, the ATO will accept applications for the 2019/2020 financial year as follows:-
- Third quarter commencing 1 January 2020 – lodge on or before 18 November 2019
- Fourth quarter commencing 1 April 2020 – lodge on or before 31 January 2020
An exemption certificate can be for a period of up to four quarters in one financial year. A separate application is required for each financial year.
Importantly, this measure may not benefit everyone who is eligible, so before lodging the form, it is important to consider your employment arrangements, such as how your pay and other entitlements may change (if at all), and the effect of any relevant award or workplace agreement applicable to you.
