Henry Tax Review - Employer Super Contribution Increase to 12%

You can see more posts here ==> Henry Tax Review Posts
The Henry review of Australia's taxation system was released today (2 May 2010), at lease in part, with good news for working Australians.

Announced in today's media release is the superannuation guarantee will be gradually increased to 12 per cent as follows:

Income year SGC annual rate Increase from previous year
2009-10 to 2012-13 9% None
2013-14 9.25% 0.25%
2014-15 9.50% 0.25%
2015-16 10% 0.50%
2016-17 10.50% 0.50%
2017-18 11% 0.50%
2018-19 11.5% 0.50%
2019-20 12% 0.50%
    The three year lead time recognises that employers and employees need to factor this into future wage negotiations.

    For more information see the FREE fact sheet ==> Superannuation - Increasing the Superannuation Guarantee Rate to 12%.

    "Today's announcements are the biggest reforms to superannuation since the introduction of compulsory superannuation in 1992," Mr Swan said.

    "Over the next 10 years, $85 billion will be added to Australia's pool of superannuation savings."

    By David Maynard

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