Superannuation Update 2013 - Percentage Increases
Employer contributions for superannuation are set to increase. Over the next eight years incremental increases will see a rise from the current rate of 9% up to a rate of 12% in 2020.
Plan now to factor this into your remuneration strategies, wages costing and employee benefits plans. Ensure you are ready to meet the new reporting and compliance requirements.
Dixon Appointments’ guidelines for salary and wages advice will ensure you are prepared.
What you need to know
To help grow Australian workers' savings for retirement, the compulsory superannuation guarantee rate will gradually increase from 9% to 12%.
If you make superannuation payments on behalf of your employees based on the minimum 9% superannuation guarantee rate, you will need to increase this rate to 9.25% on 1 July 2013.
What you need to do
Update your payroll and accounting systems to include the increase to the superannuation guarantee rate.
From 1 July 2013, increase the rate you use to work out the superannuation guarantee payments you make for your employees from 9% to 9.25%.
Increase the rate you base your superannuation guarantee payments on each year from 2013 until 1 July 2019.
Annual Increase Guide
The super guarantee rate increases to 12% over seven years, as shown in the table below.
| Year | Rate |
| 2012-2013 | 9.00% |
| 2013-2014 | 9.25% |
| 2014-2015 | 9.50% |
| 2015-2016 | 10.00% |
| 2016-2017 | 10.50% |
| 2017-2018 | 11.00% |
| 2018-2019 | 11.50% |
| 2019-2020 | 12.00% |
Legislative and Reporting Changes
You should also take into account the potential impact of changes in legislation and reporting. These include:
- new pay slip obligations
- the removal of superannuation guarantee upper age limit
- new standards for data and e-commerce
Need further advice or assistance with your staffing? Contact Charlotte Garner at cgarner@dixonappointments.com.au or call 03 9629 9999.
Click here for a Printer Friendly Version.