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Oct 27 2014

Australian Compulsory Superannuation Rates from 2014

Australian Compulsory Superannuation Rates from 2014

The minimum Superannuation contribution from your Employer rose to 9.50% from July 2014.

The majority of Workers in Australia, have had individual Superannuation schemes since 1992 when the Compulsory Superannuation Scheme was first set up, with a rate of 3%. This changed to 9% in 2012.

This is an EMPLOYER cost is is therefore in addition to your salary or wages.

Legislation in 2013 stated that the Superannuation Contribution will start a gradual climb from 9% to 12% by 2019-20, starting from 1 July 2013, with the first change to 9.25%.
However later legislation changed this to a rise to 12% by 2025/2026 instead.

Details from the Australian Tax Office

Generally, you’re entitled to super guarantee contributions from an employer if you’re between 18 and 69 years old (inclusive) and paid $450 or more (before tax) in a month. It doesn’t matter whether you’re full time, part time or casual, and it doesn’t matter if you’re a temporary resident of Australia.

How much your employer should pay

If you’re eligible for super guarantee contributions, at least every three months your employer must pay into your super account the current minimum of percentage of your ordinary time earnings, up to the ‘maximum contribution base’.

These contributions are in addition to your salary or wages.

The employer does NOT need to pay the rate on any overtime the employee has worked.

Super Guarantee Law 2014
Official Parliamentary document: http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fems%2Fr5327_ems_6cc22e3e-bdd9-4502-a40b-9e1ec81029c4%22

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