The Australian Government is making the following changes to superannuation effective from 1 July 2013:
– A new rate for compulsory super payments
– Marking super payments for employees aged 70 years or older
– Changes to how you report super payments
New Rate for Compulsory Super Payments
From 1 July 2013, the super guarantee rate is going up to 9.25%, and gradually increase to 12% by 2019.
Start Date Super Guarantee Rate
Super Payments for Employees Aged 70 years and older
From 1 July 2013, there is no longer a super guarantee upper age limit. If you have eligible employees aged 70 years or older you will need to make super contribution to their super fund.
Help for Small Business
If you are a small business have 19 or less employees, you can use The Small Business Superannuation Clearing House to pay all your super contributions in one secure transactions. It’s a free on line service.
Visit www.humanservices.gov.au/smallbusinesssuper to register or for more details.