Are you aware of, and prepared for, the increases to the
superannuation guarantee contribution rate?
Upcoming changes to the minimum compulsory superannuation
contribution rate may not only add to the costs of employing staff,
but will require a close review of how those changes will work with
your existing employment contracts and may require that changes be
made to the employment documentation used to hire new staff.
Employers must make the minimum compulsory contributions
required by the Superannuation Guarantee (Administration)
Act 1992 (Cth) (Act), in order to avoid the
imposition of the superannuation guarantee charge.
For a number of years employers have been required to make
compulsory superannuation contributions on behalf of "eligible
employees" at the minimum rate of 9% of an employee's
ordinary time earnings (as defined), up to a "maximum
superannuation guarantee contribution base".
