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Cotter Accountancy
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SGC News Update - Your super obligations are changing

22/5/2013

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From 1 July 2013:
  • You need to increase the compulsory super payments you make on behalf of all your eligible employees (including yourselves if you draw a wage) to 9.25%. This is the first of several increases over the next seven years.
  • Make super guarantee contributions for employees who are 70 years old or over.
Start preparing now:
  • Ensure your payroll and accounting systems are able to cater for the gradual increase in the super guarantee rate and removal of the upper age limit.
  • If you have 19 or fewer employees, consider using the free Small Business Superannuation Clearing House, which lets you pay your super contributions in one transaction to a single location.
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