Compulsory employer super increased to 9.25%

The compulsory employer superannuation contribution rate for employees increased on 1st July 2013, from 9% to 9.25%.

This is the first stage in the Government's plan to grow retirement savings through increased superannuation. The compulsory rate will increase gradually over the next few years until it reaches 12% by 1st July 2019.

You can find more details, including a table of the rates that will apply and when they take effect, at the Tax Office website.

Please make sure you update your payroll and accounting systems to ensure that the new rate applies from 1st July.

Posted: July 01, 2013 | 0 comments



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