Keeping up with employment law requirements is a tricky business. Especially when things that have been stable for many years suddenly starts changing on an annual basis!
If you’re using payroll software that doesn’t have automatic updates, you can get caught out. As a director of a Company, unpaid superannuation is your personal responsibility…
On 7th September 2014, the Commonwealth Government announced changes to planned increases in the Superannuation Guarantee Charge.
So what are the new Super Guarantee Rates?
Year starting on 1 July 2013 9.25%
Year starting on 1 July 2014 9.50%
Year starting on 1 July 2015 9.50%
Year starting on 1 July 2016 9.50%
Year starting on 1 July 2017 9.50%
Year starting on 1 July 2018 9.50%
Year starting on 1 July 2019 9.50%
Year starting on 1 July 2020 9.50%
Year starting on 1 July 2021 10.00%
Year starting on 1 July 2022 10.50%
Year starting on 1 July 2023 11.00%
Year starting on 1 July 2024 11.50%
Year starting on or after 1 July 2025 12.00%
Concessional Rates
In addition, concessional rates for low income earners (i.e. less than $37,000 per year) has been scrapped.