So, the new financial year is here, and with it come some changes to superannuation, you may or may not be aware of.
The main changes employers and employees need to be aware of are the following:
• The minimum contribution rate increases to 9.25%, and will increase steadily eventually reaching 12% by 1 July 2019;
• Eligible employees aged 70 + are now also eligible for the super guarantee (this has come about as people are remaining in the work force for longer);
• Workers aged 60 + can contribute additional funds to their superannuation with the concessional contributions cap increasing by $10,000 up to $35,000. From 1 July 2014 the above will be the same for workers aged 50+;
• For those on incomes in excess of $300,000 an increased tax rate will apply on contributions.
There is a lot of information out there about superannuation, and if you need clarification on any of the above, it is recommended you talk to a financial advisor. The government website also provides lots of information.
http://superfuture.gov.au/
PS it’s great to see the sun out again!