Company tax rate
The tax rate for companies with an aggregated turnover under $50 million will reduce from 26% to 25% from 1 July 2021. The tax rate for other companies will remain at 30%.
Employees now have more choice with super
Changes to the law mean new workplace determinations and enterprise agreements made on or after 1 January 2021 must offer employees the right to choose the super fund to which your business pays their compulsory super contributions.
Once a new determination or agreement is in place, your business will need to offer choice of super fund to:
- existing employees who request to choose their super fund;
- all new employees;
Employees can nominate their chosen fund by completing the standard choice form through ATO online services linked to their myGov account.
Alternatively, your business can give its employees a Superannuation standard choice form to complete. Your business must then pay the employee’s compulsory super to their nominated fund.
If an employee doesn’t nominate a fund, your business can continue to pay their super to the same fund it previously contributed to, or into the default fund.
