A reminder that as of July 1 2013, new superannuation obligations will have come into effect and businesses are required to comply with the new rules. The super compulsory guarantee for employees will increase to 9.25% from 9 percent to help Australian workers save for retirement. A full summary of the super changes is available here.
The super guarantee will rise by further increments in coming years, reaching 12 per cent by 2019. The super guarantee age limit of 70 has been removed, and employers will be required to contribute to complying super funds of eligible mature age employees 70 years and older.
Businesses are required to update their payroll and accounting systems to apply the appropriate increase to the super guarantee rate.
If you have 20 or more employees, you will need to start using the new data and e-commerce standard from 1 July 2014. If you have 19 or less employees, you will need to start using the standard from 1 July 2015.
If you have any further questions about the changes to the superannuation guarantee that has come into effect, or require further information on how they will impact your business, please contact the experienced team of tax accountants and financial planners here at The Quinn Group. Contact us by submitting an online enquiry or call our office on 9223 9166 or 1300 QUINNS to make an appointment today.