Payday Super – Legislation introduced for concessional cap transitional rule
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
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By: Richard Nutt, Rashtin Fazal
06 Dec 2024 4 min read

Incoming US President Donald Trump has suggested he will introduce tariffs on all foreign imports up to 20 per cent, while also pledging 25 per cent tariffs on key trading partners Mexico and Canada and nearly 60 per cent for China. This week, 100 per cent tariffs were proposed for BRICS nations (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates), should they go ahead with the proposal to create a new currency.
While there is no real timeline for the proposed tariffs, there may be implications for Australian businesses that have not prepared ahead of time. Generally, Australian exports to the US account for a very small portion of GDP – however if blanket tariffs of up to 20 per cent for all countries importing to America go ahead, some of Australia’s key industries will be affected. Similarly, tariffs imposed on China could cause China’s economy to slow, which would subsequently reduce demand for Australia’s key exports such as iron ore, coal, and other minerals necessary as part of the manufacturing process. This not only has ramifications for the Australian dollar, but also key Government budgetary tax revenue.
However, whether potential tariffs come to fruition, Australian businesses should take this opportunity to review their supply chain, transfer pricing policies and export strategies and prepare ahead of time to lessen any potential impacts to their business.
Reach out to one of Grant Thornton’s customs, duty, and transfer pricing experts for a review of your businesses existing transfer pricing policies. By conducting a thorough review, we can identify areas for optimisation and ensure your business is well-positioned to mitigate the financial impact of these tariffs.
New Payday Super legislation addresses concessional contributions cap issues for 2026/27, but salary sacrifice and early payments remain key concerns.
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