C1998-41 Increment in Superannuation Guarantee Contributions from 1 July 1998
Issued: 13 June 2014 by Department of Premier and Cabinet
This AR is archived. No replacements were suggested by the author.
Key information
- Status
- Archived
- Type
- Department of Premier and Cabinet Circular
- Identifier
- C1998-41
- Compliance
- Not mandatory
About
Under the Commonwealth Superannuation Guarantee Administration Act 1992 the employers are required to make Superannuation Guarantee contributions on behalf of any employees who earn more than $450 in a month. The rate of contributions will increase from the current rate of 6% to 7% starting from 1 July 1998 to 30 June 2000. Employers who fail to provide the minimum level of support are penalised by having to pay the Superannuation Guarantee Charge to the Australian Taxation Office.
Employers must consider the increment of 1% in Superannuation Guarantee contributions from 6% to 7% and along with leave loading of 1.35% when calculating the notional package for job advertisements.
C. Gellatly
Director-General