Update - Superannuation Guarantee
As we quickly approach the end of the financial year, the Federal Government 2014 Budget brings about a change to the planned increase in the superannuation guarantee.
Whilst 1 July 2014 will see the second increase implemented and will rise as planned by 0.25% to 9.5%, further increases have been pushed out for another year from the original schedule of increases following the previous Labor government already delaying the increase by one year.
The superannuation guarantee will now remain steady at 9.5% until 1 July 2018 when the increases will again rise by 0.5% annually until 2022/23 when it will reach 12.0%.
Mr Hockey said “This delay will avoid the fiscal cost of the earlier increase to 9.5 per cent.” and that the change was necessary as the Senate had “refused to pass the government’s election commitment to defer the increase scheduled for 1 July 2014”.Back