“Administrative nightmare”: Labor bid to scrap superannuation threshold would hit small business

SmartCompany, September 24, 2018

Employer groups and accounting experts say Labor’s plan to abolish the Superannuation Guarantee threshold will saddle small businesses with higher costs and administrative headaches.

Nestled in its wide ranging superannuation policy announcement last week, Labor committed to changing the rules so that employees that earn less than $450 per month from an employer will be entitled to compulsory superannuation contributions.

Currently, employers do not need to contribute superannuation to workers who are paid less than $450 monthly under the Superannuation Guarantee.

If elected, Labor would reduce the current threshold by $100 each year until it’s gone, adding more workers to the super contribution pool over the next four years. READ MORE: https://www.smartcompany.com.au/finance/superannuation/labor-superannuation-threshold-small-business/?utm_campaign=SC&utm_medium=email&utm_source=newsletter