Superannuation Guarantee Contribution Rate Increase
Employers across Australia will have new super obligations under a range of reforms that are being implemented from 2013 to 2019.
From 1 July 2013, employers must:
- Increase the minimum rate for super guarantee payments on behalf of their employees from 9% to 9.25%, and
- Start making super guarantee contributions for employees aged 70 years and over with the removal of the existing upper age limit.
This measure will significantly increase future retirement incomes for Australian workers through the gradual increase in the superannuation guarantee (SG) rate to 12 per cent.
The SG rate will be increased gradually with initial increments of 0.25 percentage points on 1 July 2013 and on 1 July 2014. Further increments of 0.5 percentage points will apply annually up to 2019‐20, when the SG rate will be set at 12 per cent.
Further information contact A Grade Tax Accountants Penrith on (02) 4731-1405 for retirement tax planning, accounting and tax advice.
Business Tax Newsletter
Subscribe & stay informed on the latest Business Tax News!
Personal Tax Newsletter
Subscribe & stay informed on the latest Personal Tax News!