Superannuation Guarantee (Administration) Amendment Bill 2011
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
On 2 November 2011, the Superannuation Guarantee (Administration) Amendment Bill 2011 was introduced to Parliament. The Bill will increase the Superannuation Guarantee (SG) from 9% to 12%.
The increase will be introduced by increments of 0.25% on 1 July 2013 and 1 July 2014. Further increments of 0.50% will then apply annually up to 2019-20, when the rate will be set at 12%.
In addition, the government is seeking to abolish the SG age limit from 1 July 2013.
The Bill contained the previously announced increase in the age limit for SG contributions from 70 to 75, however, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten confirmed when introducing the Bill that the age limit would in fact be removed by a further amendment. This will mean that an additional 18,000 Australians, aged 75 and over, will receive the benefit of superannuation if they continue to work.
The proposed amendments are dependent on the passing of the Minerals Resource Rent Tax (MRRT) package of Bills, which were also introduced to Parliament on 2 November 2011.
Our Family and Relationships Law Team at Mullane & Lindsay consists of Accredited Family Law Specialist Mark Sullivan, and Ashleigh John and Ashley Stevens both of whom practice almost exclusively in the Relationship Law jurisdiction keep informed of changes to the law and the implications of such changes when they are made law. This includes superannuation which is an important factor in property settlements.
Mark Sullivan is a Director at Mullane & Lindsay, and practises extensively in Family, Relationship and Matrimonial Law. If you require any assistance in this area please contact Mark Sullivan to arrange a consultation or contact our Newcastle office.