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Increase in superannuation guarantee contribution rate from 1 July 2014

Increase in superannuation guarantee contribution rate from 1 July 2014

Compulsory employer superannuation guarantee (SG) contributions are due to increase from 9.25% to 9.5% of employees’ ordinary time earnings with effect from 1 July 2014.

During the 2014 Federal Budget the Government announced a change to the timetable for phased increases in the SG rate. The rate will now remain at 9.5% until 30 June 2018, at which time it will increase to 10%.

Thereafter, the SG contribution rate will increase by 0.5% annually until it reaches 12% on 1 July 2022.  To read more about employer obligations regarding  SG contributions visit the Australian Taxation Office website, or if you have any questions regarding how this change may impact employee benefits such as group salary continuance insurance, please contact us.

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