Super Guarantee Increases
On 1 July 2013, the first of the proposed incremental increases to superannuation will come into effect. The change will lift the superannuation guarantee rate to 9.25% for the 2013/14 financial year. So, for an individual on a base salary of $60,000, the change will represent $150 extra compulsorily contributed to superannuation. The super guarantee rate is then proposed to increase every year until reaching 12% on 1 July 2019.
High Income earners to pay higher tax rate on super
While not yet law, the controversial increase to the tax rate of super contributions for high income earners is due to come into effect on 1 July, 2013. This will mean that if you earn over $300,000, you will pay 30% instead of 15% on superannuation contributions (only on the portion above $300,000).
If you would like to talk about how this change can affect you please contact McMahon Osborne Group on (03) 9744 7144 or visit our website- www.mcmahonosborne.com.au