Superannuation guarantee to stay at 9.5% until July 2021

Government changes to legislation mean that the superannuation guarantee is likely to stay at 9.5% until 1 July 2021, and only reach 12% in July 2025. The Government made a deal with the Palmer United Party to pass the repeal of the Minerals Resource Rent Tax. As part of the deal the LISC will be… Continue reading Superannuation guarantee to stay at 9.5% until July 2021

Treasurer wants power to set superannuation guarantee rate

The Government has introduced a bill to the Parliament which would give the Treasurer the power to set the superannuation guarantee rate by legislative instrument. This is contained in the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014, which is the third attempt to repeal the MRRT, change the rate of the super guarantee and… Continue reading Treasurer wants power to set superannuation guarantee rate

Easier employer contributions reporting under draft regulations

The Treasury department has released draft SuperStream regulations for consultation which would reduce the number of different super funds too which employers will need to report contributions data. These changes, if registered, would mean that from 1 July 2015 employers would only have to report contributions data to their default super fund, and that fund… Continue reading Easier employer contributions reporting under draft regulations

Senate removes LISC repeal & SG rate change from MRRT bill

Late Thursday night the Senate passed the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No. 2], though with a number of amendments – including retaining the current Super Guarantee rates and keeping the Low Income Superannuation Contribution (LISC). However the House of Representatives has refused to accept these amendments and, as the Senate… Continue reading Senate removes LISC repeal & SG rate change from MRRT bill

Superannuation Guarantee for employees over 70

Prior to 1 July 2013 Superannuation Guarantee payments did not need to be made for employees 70 and over. This was changed by the Superannuation Guarantee (Administration) Amendment Act 2011, which repealed Paragraph 27(1)(a) from the Superannuation Guarantee (Administration) Act 1992 – which was the paragraph which effectively limited super guarantee to people under age… Continue reading Superannuation Guarantee for employees over 70

Super guarantee of 17.5% needed for comfortable retirement: Deloitte

Much greater contributions, and broad reform of the superannuation system, is required to provide a comfortable retirement for most Australians according to a report recently released by Deloitte. The report, Adequacy and the Australian Superannuation System A Deloitte Point of View 2014, argues for a dramatic increase in the Superannuation Guarantee rate, and a combined effort between… Continue reading Super guarantee of 17.5% needed for comfortable retirement: Deloitte

MRRT repeal bill needs amendment for Super Guarantee

The Governments bill to repeal the Minerals Resource Rent Tax,  currently before the Parliament, includes the Superannuation Guarantee rates from the previous repeal attempt instead of the ones announced in the 2014 Budget. This seems to have been intentional, with the schedule to be amended – presumably before the bill passes the Senate. The Superannuation Guarantee (Administration)… Continue reading MRRT repeal bill needs amendment for Super Guarantee

Paul Keating proposes Longevity Levy to supplement Super Guarantee

The former Prime Minister Paul Keating has made an argument for both increasing the Superannuation Guarantee and creating a safety net for after super runs out, noting “You can’t save under super for 30 years or 35 years and then live another 30 years off from it”. In an interview with Lateline Paul Keating proposed a… Continue reading Paul Keating proposes Longevity Levy to supplement Super Guarantee