With about two and a half months to go to the end of the financial year now is the time for employers to prepare for changes to superannuation obligations that will be effective on 1 July 2013.
What do the changes mean? In summary the major changes:
- Minimum superannuation guarantee contributions (SGC) increase to 9.25% for financial year 2013-2014 (further increases will apply up to financial year 2020).
- The concessional cap for superannuation contributions remains at $25,000 nothwithstand the increase in employer SGC contributions
- The age cap of 70 for SGC contributions is lifted
- SGC contributions are not required for an employee under 18 years of age and working less than 30 hours per week
- Additional information will be required in the content of employees’ payslips
Compliance Essentials is here to assist your business to fulfil its compliance obligations. Contact us on 1300 602 880 or via our website www.complianceessentials.com.au for a no obligation chat.