Getting ready for rate rise in Super

Changes to the superannuation guarantee rate are set to kick in on July 1 and Australian businesses need to get ready for the change in order to be up and running at the new rate at the end of this month.

The rise from a rate of nine percent to 9.25 per cent is part of a process to increase the guarantee rate to 12 per cent over a number of annual stages between now and 2019, when the full rate will become payable on July 1.

Business accounting and payroll system need to be updated to the rate in the lead-up to the change to the new rate. The Small Business Superannuation Clearing House on the ATO website has been set up as an online superannuation payments service for small businesses, with 19 or fewer employees, to help them meet their superannuation guarantee obligations.

Another change being introduced on July 1 is the removal of the upper age limit for super contributions. Employees over 70 will, in future, make compulsory super contributions at the new rate and wage system will need to be changed accordingly.

For those in the trucking industry who need more information about the changes, TWU Super are putting together a free information seminar with John Cotter of the TWU Super Employer Service Team.

The seminar is designed for payroll staff, HR staff and Senior Managers who need information on the new Government rules. It will cover all of the proposed changes including the increased employer Super Guarantee payments, the Super Guarantee for over 70s, the implications of the introduction of MySuper, and new data and e-commerce standards.

The seminar is set to take place at the VTA at 50 Wirraway Drive, Port Melbourne at 12pm on Friday June 21 and last about an hour. RSVPs are required before June 11 via this online booking form.

For further details contact Zoe Fredericos via email or on 02 8893 1237.

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