The federal government has announced in the 2014/15 Mid-Year Economic and Fiscal Outlook a number of proposed amendments to the superannuation guarantee charge (SGC) rules for late or short payment of superannuation contributions from 1 July 2016.
These changes include:
- the earnings base for the SGC will be brought into line with the current earnings base for SG contributions, being ordinary time earnings rather than total salary and wages;
- the nominal interest on unpaid superannuation contributions will be aligned with the period over which the SGC are outstanding; and
- penalties under the SG legislation will be aligned with the general tax penalty provisions.
The government is yet to release any draft legislation in relation to these proposed changes.