Corrs In Brief: Government introduces Bill to increase SG to 12%

The Government has today introduced the Superannuation Guarantee (Administration) Amendment Bill 2011 into the Federal Parliament. The Bill delivers on the Government’s commitment to increase the superannuation guarantee rate from 9% to 12%.

The key points to note are as follows:

• the SG rate is proposed to increase to 12% over a 7 year period commencing on 1 July 2013;
• the age limit for SG contributions will be abolished from 1 July 2013; and
• the passage of the Bill is tied to the successful introduction of the mineral resources rent tax (the Bills for which were also introduced into Federal Parliament today).

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