Budget 2014: Superannuation Guarantee Contributions

14th May 2014

Compulsory Superannuation Guarantee contrbutions will increase to 9.5% of ordinary time earnings on 1 July 2014 and remain at that level until 30 June 2018.

The decision to alter the schedule of increased contributions to 12% of ordinary time earnings follows the failure of the Senate to pass legislation to freeze contributions at 9.25% for two years.

The rate will then increase by 0.5 percentage points each year until it reaches 12% in 2022/23.

1 July 2013 —- 9.25%
1 July 2014 —- 9.5%
1 July 2018 —- 10%
1 July 2019 —- 10.5%
1 July 2020 —- 11%
1 July 2021 —- 11.5%
1 July 2022 —- 12%

Source: Budget Paper No. 2 page 17

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