Pendlebury
workplace law

Pendlebury Workplace Law is a specialist workplace relations and employment law legal practice based in Sydney.

Superannuation Guarantee rate increases to 9.5%,

From 1 July 2014, the Superannuation Guarantee rate increases to 9.5%, from the 9.25% that currently applies.

Superannuation Guarantee (SG) is the official term for compulsory superannuation contributions made by employers on behalf of their employees.  An employer, regardless of whether they are a small or large business, must contribute the equivalent of 9.5% of an employee’s salary for the 2014/15 year, and 9.25% until 30 June 2014.

In the 2014 Federal Budget, the planned increase in Superannuation Guarantee contributions of 9.25% to 12% overt the next 5 years has been amended by the Liberal government, stretching the timeline for implementation to 8 years.

Effective 1 July 2014, the Superannuation Guarantee will increase to 9.5%, and will eventually rise to 12% by July 2022.

The amended increases are to be as follows:

Financial year SGC rate
Current year 2012 – 2013 9.00%
2013 – 2014 9.25%
2014 – 2015 9.50%
2015 – 2016 9.50%
2016 – 2017 9.50%
2017 – 2018 9.50%
2018 – 2019 10.00%
2019 – 2020 10.50%
2020 – 2021 11.00%
2021 – 2022 11.50%
2022 – 2023 12.00%

 

 

Brooke Pendlebury
Sunday, July 6, 2014
Entitlements, News