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Follow on Google News | Australia Increases Super, the Required Employer Retirement ContributionThe Australian government has announced significant changes to the Super regime. Super contributions will eventually increase to 12% by 2020, reports Nair & Co.’s International HR Team.
By: Nair & Co. The required employer Super contribution is set at 9.25% with a cap of A$192,160 for fiscal year 2013-14. Certain criteria are set for employee eligibility towards Super: * Employees under 18 years of age must * Work more than 30 hours per week. * Earn A$450 or more every month (before tax). * Employees over 18 years of age must * Work full-time, part-time or on a contract basis. * Earn A$450 or more every month (before tax). * Employer contributions are not required when an employee is away from work without pay. Employers are advised to be aware of their Super obligations and related requirements: * Super contribution rate will increase by 0.5% annually: * FY2014- * FY2015- * FY 2016-2017, the rate will be 10.5% * FY2017- * FY2018- * FY2019- * From 1 January 2014, all contributions will be must be made into a MySuper authorized fund. * Employers are responsible for maintaining records with regard to when and how contributions are made. * Contributions made by the employer within the acceptable time limits are tax deductible. For more information about doing business overseas (http://www.nair- Subscribe (http://www.nair- Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair- About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point- Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867 End
Page Updated Last on: Jan 21, 2014
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