SUPERANNUATION - Update from 1 July 2013

In the 2010 Federal Budget, the Treasurer announced important changes to the superannuation guarantee scheme which came into effect from 1 July 2013.

The Superannuation Guarantee rate will increase from 9% to 9.25% on 1 July 2013. This will continue to rise by 0.25% each year until it reaches 12% on 1 July 2019.

From 1 July 2013, there will no longer be an age limit of 70 on employees for whom employers have superannuation obligations. This means that you are now required to make superannuation payments for employees who are 70 years and older.

Payslips for employees need to include the amount of contribution for the pay period (or the amount of contributions that need to be made) and the name and number of the superannuation fund the contributions were made to.

If you require assistance with calculating superannuation contributions for your employees under the new rates, please do not hesitate to contact our office.

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