WA Super News
ATO advice to employers on new super obligations, 01 May 2013
According to the Tax Office, employers will have already started receiving a one-page summary in the mail of their new super obligations under a range of reforms that are being implemented from 2013 to 2019.
From 1 July 2013, employers must:
- Increase the minimum rate for super guarantee payments on behalf of their employees from 9% to 9.25%, and
- Start making super guarantee contributions for employees aged 70 years and over with the removal of the existing upper age limit.
The Tax Office advice also outlines the requirements relating to a data and e-commerce standard. The standard will be compulsory for medium to large businesses (with 20 or more employees) from 1 July 2014 and small businesses (with fewer than 19 employees) from 1 July 2015.
The document also includes some information on the introduction of MySuper. From 1 January 2014, employers must make super guarantee payments for employees who have not selected a preferred fund, to a fund that offers a MySuper product.