There are several significant changes concerning superannuation that will apply from 1 July 2013 and employers need to be aware of them.
Employers across Australia will have new superannuation obligations under a range of reforms, and from 1 July 2013, they will need to:
- increase the minimum rate for super guarantee payments on behalf of employees from 9% to 9.25%;
- start making super guarantee payments for employees aged 70 years or older, as the existing upper age limit will be removed.
Who said running a business in Australia was cheap? High staffing costs inevitably drives business investment offshore.