topic Re: Super going up 3% in July in Community Spirit

Super going up 3% in July

crystal**flake — Fri, 12 Apr 2013 07:51:38 GMT

I'm def voting for the lib party next election, I'm done with labour.

Re: Super going up 3% in July

newstart2380 — Fri, 12 Apr 2013 08:04:02 GMT

I'm def voting for the lib party next election, I'm done with labour.

Did I not bring this up in a thread not so long ago and got howled down by "others" saying I did not know what I was talking about deeeerrrrrrrrr

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 08:50:06 GMT

Super going up 3% in July?

What exactly does that mean Crystal?

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 08:52:31 GMT

Are you referring to this:

Effective from 1 July 2013, the Superannuation Guarantee percentage will increase to 9.25%, and will eventually rise to 12% by July 2019.

Currently 9%, increasing to 9.25% this July - Employers contribution to employees super fund?

Re: Super going up 3% in July

lakeland27 — Fri, 12 Apr 2013 08:53:37 GMT

contibutions to ones own fund. toward the wage earners personal retirement .

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 08:56:35 GMT

So the OP is referring to the increase in SGC? (to 9.25% July 2013)?

Re: Super going up 3% in July

lakeland27 — Fri, 12 Apr 2013 08:59:08 GMT

i guess so

Re: Super going up 3% in July

the_great_she_elephant — Fri, 12 Apr 2013 09:03:56 GMT

I guess the OP or her OH must be an employer.

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 09:04:39 GMT

A link is required sometimes, so we can test the accuracy of the claims in the opening posts.

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 09:06:18 GMT

Even so she-ele, the first increase is 0.25%. It will be 7 years till the full 3% is required to be paid.

Re: Super going up 3% in July

crystal**flake — Fri, 12 Apr 2013 11:27:06 GMT

Hubby was told this arvo that our compulsory super would rise 3% from July.

Re: Super going up 3% in July

crystal**flake — Fri, 12 Apr 2013 11:29:15 GMT

Is that because the gov want to put their mitts into it?

Re: Super going up 3% in July

donnashuggy — Fri, 12 Apr 2013 11:30:32 GMT

Don't believe everything you hear crystal

Re: Super going up 3% in July

crystal**flake — Fri, 12 Apr 2013 11:32:25 GMT

Don't believe everything you hear crystal

No this was from our accountant.

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 11:54:36 GMT

The following changes are gradual, the increase in SGC is not going to be 3% from 1/7/2013.

Changes to the super guarantee

Check the content carefully to ensure it is applicable to your circumstances.

The Superannuation Guarantee (Administration) Amendment Act 2012 received royal assent on 29 March 2012.

In the legislation:

< the superannuation guarantee (SG) rate will gradually increase from 9% to 12% between 1 July 2013 and 1 July 2019

< the SG age limit of 70 will be removed from 1 July 2013, and employers will be required to contribute to complying super funds of eligible mature age employees 70 years old and older.

http://www.ato.gov.au/taxprofessionals/content.aspx?doc=/content/00245692.htm

This will benefit employees: their employer will be contributing a higher amount to their employees super account.

For employers: they will have to pay out extra money for employee entitlements.

Re: Super going up 3% in July

cherry*135 — Fri, 12 Apr 2013 12:03:21 GMT

To help grow Australian workers' savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%.

When you make super payments on behalf of your employees based on the minimum 9% super guarantee rate, you will need to increase this rate on which you base your calculations to 9.25% on 1 July 2013.

http://www.ato.gov.au/superfunds/content.aspx?menuid=0&doc=/content/00320488.htm&page=11&H11