Starting from 1st July 2013, improvements are being made to super that will make it better for all Australian employees. It’s also an important day for employers because there are a number of things you will need to do.
Increase the super you pay – The minimum amount of compulsory super you pay your employees will rise from 9% to 9.25%. Over the next seven years this will rise to 12%.
Pay super to employees over 70 – You will need to also begin paying super to employees who are over the age of 70.
MySuper – Your default super fund will need to offer a MySuper account for employees who don’t choose a fund. Small business have until 1st January 2014 to make this change.
Help for small business – If you have 19 employees or fewer, the free Small Business Superannuation Clearing House can help you make all your super payments in one transaction. And from 1st July 2015 a new data and e-commerce standard will apply to make it easier for all small businesses to process payments by using a single electronic format.
For more info go to www.australia.gov.au/superfuture