New changes to the way super guarantee contributions are calculated means any existing benefit certificates which use an earnings base lower than Ordinary Time Earnings (OTE) beyond 1 July 2008 must be replaced with certificates that incorporate OTE requirements from 1 July 2008.
To help employers meet their superannuation guarantee requirements for the quarter ending 30 September 2008, the Tax Office won’t apply any super guarantee charge where an employer has:
- contributed the required amount under a previous benefit certificate by 28 October 2008, and
- obtained a new benefit certificate by 31 December 2008, and
- topped up any super guarantee contributions shortfall (if applicable) within 28 days of receiving the new benefit certificate.
For a copy of the ATO advice, go here.