Employer Obligation Update

Employer obligation Update

From 1st July 2014 Superannuation Guarantee Contribution increases to 9.5% of remuneration. This 9.5% rate stays the same until the 2020/2021 year.

From 1st January 2014, the default Superannuation Fund available for employees must be a MySuper Product. The default fund is a nominated Superannuation Fund where Super Guarantee payments are made for employees, who have not selected a preferred fund by completing a "Choice of Superannuation Fund form".

From 1st July 2012, businesses in the building & construction industry need to report the total payments they make to each contractor for building & construction services each year to the Australian Taxation Office (ATO).