The Superannuation Guarantee (required Employer Super Contribution) is set to rise from 9% to 9.25% and then gradually increase to 12% of the next 6 years.
The first increase takes effect in a few months from 1 July 2013. This change is being implemented by the Government to make it easier for Australians to save for their future.
The below table illustrates the gradual change:
Current rate 9.00%
2013 –14 9.25%
2014 –15 9.50%
2015 –16 10.00%
2016 –17 10.50%
2017 –18 11.00%
2018 –19 11.50%
2019 – 20 12.00%
A reminder, contributions need to be made on at least a quarterly basis, including those contributions for business owners and directors operating through a company or trust structure.
More than 20 years professional accountancy experience. Working with private business owners across taxation, financial accounting and advisory. Her Specialties include: Business Advisory (Development & Planning), Taxation, Family Superannuation & Succession, Estate planning, Structuring, Real Estate, Start ups and Entrepreneurs and Self Managed Superannuation (SMSF's) The Money Edge helps manage your entire
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