Super rate increases to 9.25%

new_rates_for_compulsoryTo help grow Australian workers’ savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%.

The super guarantee rate increases to 12% over seven years, starting with an increase to 9.25% from 1 July 2013.

What you need to do if you have employees:

  • Update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate.
  • From 1 July 2013, increase the rate you use to work out the super guarantee payments you make for your employees from 9% to 9.25%.
  • Continue to increase the rate you use to work out the super guarantee payments you make for your employees each year until 1 July 2019.
  • If you have 19 or fewer employees, consider using the Small Business Superannuation Clearing House to help you meet your super guarantee obligations.

For further information on how this affects you, please contact us.

About

Ian Shaw is the newest partner at Alliance Business Partners, joining Jenny Smith after 15 years at the firm. A graduate of Queensland University of Technology, Ian Shaw earned his Public Practice Certificate from the Institute of Chartered Accountants in 2013 after already being admitted as a Chartered Accountant in 2006. Ian has a passion for helping business owners grow their business to achieve their goals.

Tagged with: Business, Employees, Employers, Super, Superannuation
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