The superannuation guarantee rate has now been increased from 9% to 9.25% (and the rate will increase gradually over 7 years to 12% by 2019).
Also, the upper age limit for paying super for an employee has been removed, meaning that there will no longer be a maximum age for super guarantee eligibility.
Employers with eligible employees aged 70 years or older will need to make super contributions to their super funds from 1 July 2013.
Super funds will also be allowed to start providing a new type of super account called ‘MySuper’ from 1 July 2013, which will replace existing default accounts offered by super funds (a default fund account is one chosen by an employer for an employee who does not choose their own super fund).
Therefore, it may be a good idea for employers to check with their current default fund to find out whether they will be offering a MySuper account.
