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With the re-election of the Government last week, do you know the Superannuation Guarantee rate slated for future years?
While the Federal Opposition had proposed to increase the rate to 12% gradually over the coming years, the Government has stated that it has no plans to increase it from its current 9.5%.
Superannuation is payable on a worker’s ordinary time earnings (OTE) which are set out in Superannuation Guarantee Ruling SGR 2009/2.
ABN Members – BKB 71 explores SG and SGC in detal