Superannuation Guarantee Increased

Superannuation Guarantee Increased from 1st July 2013
Minimum requirements start rising from 9% to 12% with company directors now personally liable for meeting minimum requirements.

Proposed increases from July 1 each year are:
2013  9.25%
2014  9.50%
2015 10.00%
2016 10.50%
2017 11.00%
2018 11.50%
2019 12.00%
The Coalition Government have indicated that they intend to freeze the 9.25% rate for a period of two years.

The superannuation guarantee age limit of 70 years has been removed from July 1.
This means that SG will have to be contributed by employers for employees over 70 years of age.

The SG is paid on "ordinary times earnings."
This includes salary or wages, bonuses and commissions.
They generally do not include overtime or unused leave on termination of employment.
It also excludes earnings of less than $450 per month and employees under 18 years of age working less than 30 hours per week.

The SG is payable 28 days after the end of each quarter to be tax deductible for the employer.