From 1 July 2015
If you have 20 employees or more, you’ll need to be fully compliant with the SuperStream legislation. If you’ve got fewer than 20 employees, then you should be starting your transition to compliance, as this was due on 30 June 2016.
From 1 July 2014
- Superannuation Guarantee (SG): The SG rate increased from 9.25% to 9.5% of an employee's Ordinary Time Earnings (OTE)
- If you’ve got 20 or more employees, you should start your transition to compliance with the SuperStream legislation, and make sure you’re fully compliant by no later than 30 June 2015. You’ll need to make contributions data and payments electronically in keeping with the Standard.
From 1 January 2014
- If an employee hasn’t completed a Choice of Fund form, you must make their SG contributions to a fund authorised to offer a MySuper product. Choice of Fund legislation doesn't affect Queensland Government employees at this stage because they’re covered under a mandated award.
Some helpful answers
What are the effects of the superannuation guarantee increasing?
Increases in the superannuation guarantee (SG) rate directly benefit employees in the basic accumulation category. That’s because the employer payments you make for them are equal to the SG rate, multiplied by the employees' Ordinary Time Earnings (OTE).
Many employees in our other account types already receive amounts greater than SG. These rules are unchanged from 1 July 2013, and for many employees there’ll be no increase to contributions. However, as SG increases in future, you’ll need to compare the employer payment made under QSuper's rules with the SG rate of the employees' OTE. That way, you can make sure they’re receiving the minimum required under Commonwealth rules.
You’ll find more information about other proposed changes on the ATO website.