Supplementary Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)Exemption for Low Income Earners
Summary of proposed amendment
The amendment will raise the level of salary and wages at which an employer is expected to provide superannuation support in respect of an employee to $450 or more a month.
Explanation of proposed amendment
Under the existing Bill, subclause 24(2) provides that an employer will not have to provide superannuation support for an employee in any month when the employee receives salary and wages of less than $250. The proposed amendment will increase this threshold so that an employer does not have to provide superannuation support unless the employee receives salary and wages of $450 or more a month.
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