25 Oct SUPERANNUATION CHANGES
Employers may be aware that federal parliament has passed legislation which increases employer liability for superannuation from 9% to 12% over a period of six years. The first stage of increases will commence in July 2013.
Currently, employers have a superannuation guarantee liability for eligible employees who are under 70 years of age. This liability will change to employers having this liability for eligible employees regardless of their age.
The table below shows the timetable for the changes to the superannuation increases:
| Year starting: |
Percentage |
| 1 July 2013 | 9.25 |
| 1 July 2014 | 9.5 |
| 1 July 2015 | 10 |
| 1 July 2016 | 10.5 |
| 1 July 2017 | 11 |
| 1 July 2018 | 11.5 |
| 1 July 2019 | 12 |
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