Superannuation - Are you ready for the 1 July changes?

Tuesday, 9 April 2013    Tax,Superannuation

The Federal Government has introduced several pieces of legislation that come into effect from 1 July 2013. To make sure you're ready for these changes, we have outlined the new legislation that will impact you and your business.

Payslip Reporting: Payslips will need to show amount, payment date and names of the Superannuation Funds you are paying into on behalf of your employees for certain super contributions.

New Super Guarantee Rate = 9.25%: The increase to the SG Levy from 9% to 9.25% from 1 July 2013.

Age Limits for Super Contributions Removed: The age limit of 70 for the payment of SG contributions will be removed.

Upper age limits abolished with tax deductions for all SG Contributions: You will be able to claim a tax deduction for SG contributions paid to employees who are aged 75 or more.