To help increase Australian workers’ savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%.
When you make super payments on behalf of your employees based on the minimum 9.25% super guarantee rate, you will are required to increase this rate to 9.50% on 1 July 2014.
The super guarantee rate increases to 12% over seven years, as shown in the table below.
Year
Current rate
1 July 2014
1 July 2015
1 July 2016
1 July 2017
1 July 2018
1 July 2019 and onwards 12.00%
Removal of super guarantee upper age limit
From 1 July 2013, there is no upper age limit for making super guarantee contributions for an employee
Therefore you may need to make super guarantee payments for eligible employees aged 70 years or over.
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