A number of eagle-eyed subscribers have contacted us about an article that appeared in some newspapers yesterday stating that the superannuation contribution rate will rise to 9.5% from 1 July 2012. This is incorrect. The rate change is not proposed to commence until 1 July 2013 and then it will be an initial rise of 0.25% to 9.25%. This is in accordance with the draft laws currently in front of Federal Parliament. The full timetable for the proposed changes is repeated below for completeness:
|
Income year |
Rate |
Change from prior income year |
|
Up to 30 June 2013 |
9.00% |
|
|
2013-14 |
9.25% |
.25% |
|
2014-15 |
9.50% |
.25% |
|
2015-16 |
10.00% |
.50% |
|
2016-17 |
10.50% |
.50% |
|
2017-18 |
11.00% |
.50% |
|
2018-19 |
11.50% |
.50% |
|
From 1 July 2019 onwards |
12.00% |
.50% |