The SGC system has now been around 21 years and this year brings more changes.

From 1 July, employers will be required to contribute an additional 0.25 percent to their eligible employees’ super funds.  This will bring the SGC rate to 9.25 percent for the 2014 financial year.  Further incremental increases will occur in future years until full implementation of 12 percent SGC in the 2019/2020 financial year.  Employees will also need to be aware of the removal of the SGC age limit from 1 July.  Currently employers are not required to make Super Guarantee Contributions for employees over the age of 70; however payments for these employees will be required for the next financial year.  Employers should also be aware of upcoming obligations to report on super contributions to their employees on payslips.

For more information talk to Terry Dewing on 9526 1211 or email Terry.