From July 1 2014, the Superannuation Guarantee percentage will increase from 9.25 to 9.5 and will eventually rise to 12% by July 2022.
Superannuation Guarantee is the official term for compulsory superannuation contributions made by employers on behalf of their employees. An employer, whether they are a small or large business, must at this time, contribute the equivalent of 9.25% of an employee’s salary.
The new increases are laid out in the table below:
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|
Financial year
|
Current rate increase
|
Proposed rate increase
|
|
2013/14
|
9.25%
|
9.25%
|
|
2014/15
|
9.50%
|
9.25%
|
|
2015/16
|
10.0%
|
9.25%
|
|
2016/17
|
10.5%
|
9.5%
|
|
2017/18
|
11.0%
|
10.0%
|
|
2018/19
|
11.5%
|
10.5%
|
|
2019/20
|
12.0%
|
11.0%
|
|
2020/21
|
12.0%
|
11.5%
|
|
2021/22
|
12.0%
|
12.0%
|