Release of ATO Interpretative Decisions on GEERS
On 8 February 2008, the Australian Taxation Office (ATO) released new interpretative decisions on the Superannuation Guarantee Charge and the General Employee Entitlements and Redundancy Scheme (GEERS).
The interpretative decisions provide guidance on how liability for the Superannuation Guarantee Charge will arise in relation to a GEERS advance.
On 5 December 2012, the Fair Entitlements Guarantee Act 2012 commenced, establishing the fair entitlements guarantee (FEG) as a legislative scheme to replace GEERS. GEERS will continue to operate in relation to claims for assistance for unpaid employee entitlements for employer insolvency events that occur before 5 December 2012.
Information about GEERS is available on the Department of Employment website at www.employment.gov.au/general-employee-entitlements-and-redundancy-scheme-geers
Information about FEG is available on the Department of Employment website at www.employment.gov.au/fair-entitlements-guarantee-feg