From 1 July 2013, the employer will need to:
- increase the minimum rate for super guarantee payments on behalf of employees from 9% to 9.25%
- start making super guarantee payments for employees aged 70 years or older, as the existing upper age limit will be removed.
From 1 January 2014, Employers must pay default super to a MySuper authorised fund.
Important: If your super fund is decided via an industrial award or workplace agreement, then your employer’s compulsory super contributions must also be paid to a MySuper fund from January 2014. Fair Work Australia is going to review the default superannuation funds included in industrial awards and agreements to ensure that they offer a MySuper product.