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Changes to the Superannuation Guarantee (SG) Regime
From 1 July 2013 the SG rate will gradually increase each financial year until it reaches 12% in 2019. The first increment applies from 1 July 2013 when the SG rate increase from 9% to 9.25%.
If you are an employer, we suggest you update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate to work out the super guarantee payments you make for your employees.
If you are an employee and making extra superannuation contributions you need to be mindful that the extra contributions when added to the increased SG contributions made by your employer in your behalf do not exceed your Concessional Contributions Cap (currently $25000 annually).
Excess concessional contributions are taxed at the highest marginal rate (46.5%). In certain circumstances, inadvertent breaches are taxed more leniently, so contact us if you think this applies to you.
If any of the superannuation changes require more explanation, we are happy to provide you with further assistance.
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