ATO Targets for Super

ATO Targets for Super

The ATO announced in January 2015 that they will be targeting employers in: child care services, building, industrial cleaning, and pubs, bars and taverns

The ATO announced in January 2015 that they will be targeting employers in:

  • child care services,
  • building,
  • industrial cleaning, and
  • pubs, bars and taverns

These employers have been known as having a higher risk of not meeting their super requirements.

The ATO are running an education campaign to help these employers better understand and meet their obligations in regards to superannuation.

This is the current timeline of the increase of super guarantee:

Period Super guarantee %
1st July 2014 – 30th June 2015 9.5%
1st July 2014 – 30th June 2016 9.5%
1st July 2014 – 30th June 2017 9.5%
1st July 2014 – 30th June 2018 9.5%
1st July 2014 – 30th June 2019 9.5%
1st July 2014 – 30th June 2020 9.5%
1st July 2014 – 30th June 2021 9.5%
1st July 2014 – 30th June 2022 10%
1st July 2014 – 30th June 2023 10.5%
1st July 2014 – 30th June 2024 11%
1st July 2014 – 30th June 2025 11.5%
1st July 2025 – 30th June 2026 and beyond 12%

Contributions for each employee need to be made on at least a quarterly basis. They should be paid to the relevant superfund 28 days after the end of the quarter i.e – for the quarter 1st January 2015 to 31st March 2015, the super guarantee contribution due date is 28th April 2015.

 

Contributed by:  Alison Murphy

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