Super Guarantee changes
On 24 October 2013, the Government announced plans to delay the increase to the Superannuation Guarantee (SG) charge to 9.5% until 1 July 2016.
Under the current rules, the increase to 9.5% was to take effect from 1 July 2014 and gradually rise by half a percentage point each year until reaching 12% on 1 July 2019. Under the new proposed legislation, the SG will also follow a 0.5% annual increase, although it won’t reach the rate of 12% until 2021.
Tax changes not proceeding