The Australian Government is making a series of changes to the superannuation legislation which will will effect Individuals, Business and Trustees of Self Managed Superannuation Funds. A summary of the changes can be found below, further information is available on the ATO website at www.ato.gov.au/yoursuper.
- From 1 July 2013 the increase in super guarantee rate from 9% to 9.25% with incremental increases over 6 years until 2019-20 where SGC will be 12%
- From 1 July 2014 if your client has more than 20 employees they will need to use a new standard when making super contributions
- From 1 July 2015 small employers with less than 20 employees will need to use the new standard when making super contributions (still subject to consultation)
- From 1 July 2013 there is no longer an upper limit to SGC for employees, super may now be payable for employees over 70
- Changes to collectables from 1 July 2011 – transitional until 2016
- From 1 July 2013 there will be a new standard for processing rollovers & making contributions
- Upgrade to SuperSeeker to make it easier to locate & transfer funds between accounts
- 2012-13 individuals earning less than $37,000 may be eligible for a $500 pa boost to super
- From 1 July 2012 the transitional concessional cap ceased & now the limit is $25,000 for everyone
- If you receive an excess contributions notice for exceeding the cap by $10,000 or less for the first time since 1 July 2011, you may apply to have the excess contribution refunded and taxed at your marginal rate
For more information about how these changes could affect you please contact your local William Buck advisor.