Increases coming for your Employee Superannuation Obligations
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:
|2019 – 20||12.00%|
A reminder, that 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.