More super for more Aussies
Australians will be able to see for themselves how they may benefit from the federal government’s superannuation reforms through updates to the More Super website.
Australians will be able to see for themselves how they may benefit from the federal government’s superannuation reforms through updates to the More Super website.
With only a month until the first increase to the Super Guarantee (SG) commences, updates to the calculator will ensure Australians can accurately assess how much better off they will be under the changes.
The federal government is boosting the superannuation savings of hardworking Australians by:
- Gradually increasing the Superannuation Guarantee rate from 9% to 12%, from 1 July 2013 to 1 July 2019. This will boost the retirement savings of about 8.4 million workers.
- Providing the Low Income Superannuation Contribution for people earning up to $37,000 from 1 July 2012. This will provide 3.6 million workers on low and modest wages, including 2.2 million women, with a tax cut on their superannuation contributions of up to $500 a year.
- Abolishing the Superannuation Guarantee maximum age limit from 1 July 2013, enabling workers aged 70 and over to receive the SG for the first time. This will benefit about 51,000 workers aged 70 years and over, who would otherwise not be entitled to SG contributions.
- Increasing the concessional contribution caps to $35,000 for Australians aged 60 years and over from 1 July 2013 and extending this to Australians aged 50 and over from 1 July 2014. This will benefit about 171,000 Australians aged 60 years and over in 2013-14 and about 363,000 Australians aged 50 years and over in 2014‑15.
For a 30 year old on average full time wages, the government’s changes will add an additional $127,000 into their superannuation by the time they retire at 67 years.
