Businesses must pay extra super from July 1


Trucking operators will need to start paying a higher superannuation rate from next month

June 3, 2013

Trucking operators will need to start paying a higher superannuation rate from next month as part of the Federal Government’s bid to increase superannuation from 9 to 12 percent.

The current rate will need to increase to 9.25 percent on July 1, with the rate gradually increasing over seven years until it reaches 12 percent on July 1, 2019.

The rate will go up by half a percent each year from July 1, 2014.

Employers will, from July 1, also need to make superannuation guarantee contributions for employees who are 70 years old or over.

Minister for Financial Services and Superannuation Bill Shorten says the superannuation increase will boost the retirement savings of around 8.4 million workers.

"Under Labor, a person aged 30 today on average full-time earnings will retire with an extra $127,000 in superannuation savings," he says.

He says abolishing the maximum age limit on superannuation will benefit around 51,000 workers aged 70 and over.



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