Accounting, Taxation, Audit, Self Managed Super Funds, Goodwin Chivas & Co, Baulkham Hills, NSW, Australia
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End of Financial Year Update - June 2013-Superannuation Changes: Are you Ready?

Superannuation Changes: Are you Ready? 

- The following changes are effective from 1 July 2013

Superannuation Guarantee increases to 9.25%

Superannuation Guarantee (SG) is increasing from 9% to 9.25% from 1 July 2013 and will eventually rise to 12% by July 2019. Super guarantee contributions must be paid into an employee's super fund at least quarterly, and by the 28th day following the end of the quarter.

Contribution Cap Increase

The concessional contribution cap will increase from $25,000 to $35,000 for persons at least 60 years of age from 1 July 2013, which will also apply to people aged over 50 years of age from 1 July 2014.

Superannuation Guarantee to be paid for over persons aged over 70 from 1 July 2013

From 1 July 2013, eligible employees who are 70 years or older will receive the superannuation guarantee (SG). The current SG rules stop SG entitlements when an employee turns 70 years of age.

Temporary pension relief is…temporary

The temporary minimum pension payment relief will revert back to normal rates from 1 July 2013.


If you are unsure of how these changes might affect you, your business or your family, please contact your Goodwin Chivas & Co. representative.

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