Superannuation Changes from 1 July 2013
Employers across Australia will have new superannuation obligations under a range of reforms.
From 1 July 2013, they will need to:
• increase the minimum rate for superannuation guarantee payments on behalf of employees from 9% to 9.25%
• begin making superannuation guarantee payments for employees aged 70 years or older.
In relation to the reporting of superannuation on the payslips which is meant to come into effect from 1 July 2013, the regulations for this legislation have not yet been finalised. The last update we received was on 23 February 2013 and that was to advise there was no update!
It is unlikely that the new payslip reporting will commence from 1 July 2013 but there is still a possibility.
The ATO has links to more information via http://www.ato.gov.au/content/00308471.htm
It’s probably also a good time to subscribe to our new product blog as we will use that to provide updates between SybizFlash editions.