To help grow 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 be 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 |
Rate |
|
1 July 2012 |
9.00% |
|
1 July 2013 |
9.25% |
|
1 July 2014 |
9.50% |
|
1 July 2015 |
10.00% |
|
1 July 2016 |
10.50% |
|
1 July 2017 |
11.00% |
|
1 July 2018 |
11.50% |
|
1 July 2019 and onwards |
12.00% |
The government has introduced draft legislation to delay increased compulsory super for two years. If the legislation is passed, the next increase to compulsory (9.5%) super will not be until the 2016-17 financial year.
* Information current as at April 2014.
