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Is your business ready for the increasing cost of superannuation? As announced by Federal Treasurer Wayne Swan in May 2010, the SG rate will increase from 9% to 9.25% effective from 1st July 2013 and then rise incrementally until it hits 12% in 2019. That equates to an eventual 33% rise in SG contributions.
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| Financial Yr Commencing | Rate % |
| 1/7/2013 | 9.25 |
| 1/7/2014 | 9.5 |
| 1/7/2015 | 10 |
| 1/7/2016 | 10.5 |
| 1/7/2017 | 11 |
| 1/7/2018 | 11.5 |
| 1/7/2019 | 12 |
This announcement was officially made law on the 29th March 2012 so there is no turning back from it now.
According to the Federal Government, the 33% increase in the SG rate will give a 30-year-old on average full-time wages and extra $108,000 in retirement savings just by turning up for work. Not bad for employees, a big stab in the hip pocket for employers in small business who are already doing it tough.
The federal government argues that the 3-year lead time (from May 2010 through to July 2013) before the phased increases begin should have given employers plenty of time to prepare for the increase. Thanks for the warning Wayne...
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