Changes to Superannution
The superannuation guarantee percentage will increase from 9% to 9.25% for superannuation which accrues from the beginning of the quarter, starting on 1 July 2013.
The superannuation guarantee percentage will increase by 0.25% for the next 2 years, and then by 0.5%, until it reaches 12%.
Superannuation contributions for work in June are based on the 9% guarantee percentage even if the contribution is made in July. This will be the case for increases in future years. Future increases will apply to contributions for work which was performed in the quarter starting 1 July of that year and thereafter.
Employment agreements that are available to Members now contain a superannuation clause that simply requires an employer to make superannuation contributions "in accordance with the law", so Members using these documents will not need to make annual updates to their employment agreements.
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