Super going up 3% in July

[crystal**flake]

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

[crystal**flake]

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

[crystal**flake]

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

[donnashuggy]

Don't believe everything you hear crystal

[crystal**flake]

Don't believe everything you hear crystal

No this was from our accountant.

[cherry*135]

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.

[cherry*135]

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