The Federal Government is making changes to the Superannuation Guarantee (SG) from 1 July 2013.
The SG rate will increase from 9% to 9.25% on 1 July 2013 and then gradually increase to 12% over the next six (6) years .
Superannuation Guarantee Rate
The existing upper age limit for paying super for an employee will also be removed to encourage mature aged workers to remain in the work force. This means you may need to make SG payments for employees aged 70 years or over.
To give your employees more information about their super, you will also be required to report on your employees payslip:
- the amount of super contributions paid into their account and
- the date the contribution was made.
If you have any questions regarding these changes, please contact Ellingsen Partners.