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Integrity, Innovation & Commitment

Preparing now for next year's changes

  • Tuesday, 01 January 2013 04:13

The government is improving super to help protect and grow the savings of all Australians. As a business and an employer you play an important part in helping your employees save for their future. Changes commencing from 1 July 2013 include:

  • an increase in the super guarantee rate from 9% to 9.25% and a gradual increase to 12% over the following six years (by 1 July 2019); and
  • removal of the existing upper age limit for paying super for an employee and you will need to start making super guarantee contributions for employees who are 70 years of age or older.

THE SUPER GUARANTEE CHARGE PERCENTAGE (%)  percentage

Period

Rate

1 July 2003 – 30 June 2013

9.00%

1 July 2013 – 30 June 2014

9.25%

1 July 2014 – 30 June 2015

9.50%

1 July 2015 – 30 June 2016

10.00%

1 July 2016 – 30 June 2017

10.50%

1 July 2017 – 30 June 2018

11.00%

1 July 2018 – 30 June 2019

11.50%

1 July 2019 – 30 June 2020

and onwards

12.00%

To give employees more information about their super, employers will also be required to report on employee payslips the amount of super contributions paid into their account and the date the contribution was made (subject to further consultation with industry).

You may need to update processes and systems to incorporate these changes.

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