The ATO has published the following information in relation to the new Superannuation Guarantee rates (this is the compulsary superannuation payable by employers on ordinary time earnings):
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.
The super guarantee rate increases to 12% over the following years, as shown below.
- July 2013 - June 2014 - 9.25%
- July 2014 - June 2015 - 9.50%
- July 2015 - June 2016 - 9.50%
- July 2016 - June 2017 - 9.50%
- July 2017 - June 2018 - 9.50%
- July 2018 - June 2019 - 9.50%
- July 2019 - June 2020 - 9.50%
- July 2020 - June 2021 - 9.50%
- July 2021 - June 2022 - 10.00%
- July 2022 - June 2023 - 10.50%
- July 2023 - June 2024 - 11.00%
- July 2024 - June 2025 - 11.50%
- July 2025 - June 2026 - 12.00%
What you need to do
Update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate.
From 1 July 2013, increase the rate you use to work out the super guarantee payments you make for your employees from 9% to 9.25%.
Continue to increase the rate you use to work out the super guarantee payments you make for your employees each year until 1 July 2019.
If you have 19 or fewer employees, consider using the Small Business Superannuation Clearing House (see Data and e-commerce standard) to help you meet your super guarantee obligations.