Changes to Superannuation effective from the 01 July 2014.
A reminder for all employers that in the recent Federal Budget handed down, it was announced that the super guarantee rate will be increasing from 9.25% to 9.5% effective from 1 July 2014. This rate will remain at 9.5% until 30 June 2018 and then increase by 0.5 percentage points each year until it reaches 12%.
The superannuation guarantee rate will be applied to an employee’s ordinary times earnings (OTE) and is calculated quarterly. OTE is usually the amount your employee earns for their ordinary hours of work. Please ensure that payment is made to a complying super fund by the 28th day following the end of the quarter.
