If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their employers.

You may be eligible to apply if you:

• Have more than one employer.
• Expect that your employers’ mandatory concessional super contributions will exceed your concessional contributions cap for a financial year.

Employees who are eligible can apply for the super guarantee shortfall exemption certificate when they complete the Super guarantee opt-out for high income earners with multiple employers form (NAT 75067).

When you opt-out of SG contributions, you must still receive SGC from at least one employer. If other employers agree to use the SG exemption, then they may provide an alternative remuneration package instead, as to not be disadvantaged. However, the exemption certificate:

• Does not restrict the employer from making super contributions on behalf of the employee.
• Does not change the employer’s obligations or an employer’s agreement with their super fund.
• Cannot be varied or revoked once issued.