superannuation contribution changes
Superannuation reform has been ongoing over the past few years in response to the 2010 Super System Review (known as the Cooper Review). The reforms aim to make superannuation stronger and more efficient, while maximising retirement income for members. The most significant reform for employers is an increase in the super guarantee – the minimum super contribution employers must pay on behalf of their employees – which is currently sitting at 9.5%. The rate will remain at 9.5% until 30 June 2021 and then increase by
0.5 percentage points each year until it reaches 12%. The previous super guarantee age limit of 70 has been removed. Since 1 July 2013, employers have been required to contribute to super funds for all employees, regardless of age.
Other reforms include changes to the super framework and the way superannuation is administered.
more articles about: guide to superannuation
- employer obligations
- superannuation reforms
- how superannuation works
- should they stay or should they go?
- superannuation contribution changes
- compliance options
- changes to SMSF Levy
- super contributions caps
- how to set up a super for an employee
- how much to pay and when
- help for small businesses
- modern awards
- insurance requirements
- salary sacrifice
- boosting employee super
- superannuation guarantee age limit
- records you need to keep
- the importance of communication