Under the superannuation guarantee framework, employers are required to contribute a minimum percentage (currently 9.5%) of their employee’s ordinary time earnings into superannuation. Employers that fail to do so will be liable to a penalty called the superannuation guarantee charge, payable to the ATO. If you’re a high-income earner with multiple employers, this requirement has the very real chance of inadvertently pushing you over the concessional contributions cap of $25,000. To avoid this unintended consequence, laws have recently been passed so that eligible high-income earners with multiple employers can opt-out of the super guarantee regime. From 1 January 2020, … Continue reading Super guarantee opt-out for high income earners