Superannuation – expectations and responsibilities

Posted on 02 May 2013

As the changes to Superannuation guarantee contributions nears, here is some timely information about who is eligible for superannuation and what you should now be expecting.

As of July 1st 2013, the new SG contributions will begin to rise annually as set out below:

Financial Year

% change per year

New Rate

2012-13

 

9.00%

2013-14

+ 0.25

9.25%

2014-15

+ 0.25

9.50%

2015-16

+ 0.50

10.00%

2016-17

+ 0.50

10.50%

2017-18

+ 0.50

11.00%

2018-19

+ 0.50

11.50%

2019-20

+ 0.50

12.00%

Australian employees who are eligible to be paid super guarantee payments include:

 

  • Employees aged between 18 and 70 years of age
  • Employees 18 years of age or over paid at least $450 gross per month
  • Employees under 18 year of age working more than 30 hours per week and paid $450 gross per month
  • Employees who receive a super pension or annuity whilst still working (including those in the transition to retirement stage)
  • Directors of a business who receive salary, wages or director’s fees
  • Family member working in a business and who meet the above wage and age criteria

Employees may be casual, part-time or full-time workers. Employers should also check to ensure eligible contractors are also paid entitlements correctly.

If you are an employee and believe you are not being paid the correct entitlements or you are an employer and are unsure of who you should be paying, contact Dooley and Associates to speak with us about your situation. One of our employment team will be happy to assist you. 

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