01_QHA_July_Online
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SUPERANNUATION<br />
With Brendan O’Farrell<br />
FLEXIBILITY AND SUPPORT KEY THEMES IN THE<br />
FEDERAL BUDGET<br />
I’m sure it was a relief to see there was some good<br />
news for the hospitality industry in the 2021 Federal<br />
Budget.<br />
A $1.2 billion tourism and aviation package was put<br />
forward, providing support to tourism businesses as<br />
well as the previously announced half-price airline<br />
tickets to regional spots around the country. New<br />
tax relief for small brewers and distillers was also<br />
proposed. This would bring the tax benefits for<br />
eligible brewers and distillers in line with other alcohol<br />
manufacturers and wine producers.<br />
Additionally, the instant tax write-off for businesses,<br />
due to end on 30 June 2021, could be extended to 30<br />
June 2023. This will allow businesses to deduct the full<br />
cost of eligible depreciable assets that were acquired<br />
after 6 October 2020 and are ready for use by 30 June<br />
2023.<br />
All in all, a pretty good result for the industry. The<br />
super industry was similarly relieved that the super<br />
proposals this year were kept to a minimum. The most<br />
notable proposal was the removal of the $450 Super<br />
Guarantee (SG) threshold, which is set to take effect<br />
on 1 <strong>July</strong> the year after the legislation is passed into<br />
law.<br />
A $1.2 BILLION TOURISM AND AVIATION<br />
PACKAGE WAS PUT FORWARD, PROVIDING<br />
SUPPORT TO TOURISM BUSINESSES AS WELL<br />
AS THE PREVIOUSLY ANNOUNCED HALF-PRICE<br />
AIRLINE TICKETS TO REGIONAL SPOTS AROUND<br />
THE COUNTRY.<br />
This could see businesses required to pay super to<br />
workers earning less than $450 per month (previously<br />
these workers were exempt from SG obligations). This<br />
could provide more certainty for staff who work varied<br />
hours each week, as super will most likely be paid<br />
from day one. Some changes might need to be made<br />
to payroll systems to accommodate this. If you need<br />
assistance, Intrust Super can help.<br />
Other super proposals included the removal of the<br />
work test for those aged 67-74, as well as expansions<br />
to the downsizer contributions and the First Home<br />
Super Saver scheme.<br />
No changes were made to the SG rate increase,<br />
despite some expectations to the contrary.<br />
Accordingly, the rate increased to 10% on 1 <strong>July</strong><br />
2021. If you pay your staff’s super monthly, you will<br />
need to pay the increased rate when you process your<br />
staff’s <strong>July</strong> SG contributions. If you pay quarterly, you<br />
will need to pay the increased rate when you make<br />
your September quarter contributions (by 28 October<br />
2021).<br />
Another major change to your super obligations may<br />
have come into effect on 1 <strong>July</strong> 2021 (at the time<br />
of writing, this change had not yet passed through<br />
Parliament). Businesses may now be required to<br />
find the details of the current super fund of any new<br />
staff members through an ATO portal and pay their<br />
contributions into their existing fund. Default accounts<br />
may only be needed if an employee doesn’t already<br />
have a super account (for example, if they are new to<br />
the workforce).<br />
If you need some help with the new obligations, we’ve<br />
been offering free Business Super Health Checks<br />
to help ensure the least possible impact on your<br />
business. Email service@intrust.com.au to book in<br />
your health check today.<br />
<strong>QHA</strong> REVIEW | 26<br />
The opinions expressed in this column are my own and do not necessarily represent the view of Intrust Super.<br />
The information contained in this document and the services referred to are of a general nature only, and does not take into account your<br />
individual financial situation, objectives and needs. You should consider the appropriateness of the general information having regard to your<br />
own situation before making any investment decision. For personal advice, please contact the Intrust360° financial advice team on 1300 0<strong>01</strong><br />
360. A Product Disclosure Statement is available at www.intrust.com.au or call us on 132 467 for a copy.<br />
Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier: 657045113716<strong>01</strong> | ABN: 45 <strong>01</strong>0 814 623 | AFSL No: 238051 | RSE Licence<br />
No: L00<strong>01</strong>298 | Intrust Super ABN 65 704 511 371 | SPIN/USI: HPP<strong>01</strong>00AU | RSE Registration No: R100439<br />
Intrust360° is our financial planning business (its legal name is IS Financial Planning Pty Ltd ABN 64 143 707 439). It’s a wholly owned<br />
subsidiary of IS Industry Fund Pty Ltd ABN: 45 <strong>01</strong>0 814 623. It’s also a corporate authorised representative of Link Advice Pty Limited ABN:<br />
36 105 811 836 | AFSL: 258145 | Corporate Authorised Representative Number: 379207. M3.2.2.21.4
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