The Government will follow through on its pre-election announcement to freeze the current 9.25% Superannuation Guarantee for a further two and a half years. Under the current law which was introduced by the former Labor Government, the Superannuation Guarantee rate (currently 9.25%) was to increase to 9.5% on 1 July 2014, incrementally increasing to 12% by 1 July 2019. The new Government, however, has re-calibrated the gradual increase to 12% as follows:
| Income Year | Charge % Under Existing Law | Governments Proposed Law |
|---|---|---|
| 2013 / 2014 | 9.25% | 9.25% |
| 2014 / 2015 | 9.50% | 9.25% |
| 2015 / 2016 | 10.00% | 9.25% |
| 2016 / 2017 | 10.50% | 9.50% |
| 2017 / 2018 | 11.00% | 10.00% |
| 2018 / 2019 | 11.50% | 10.50% |
| 2019 / 2020 | 12.00% | 11.00% |
| 2020 / 2021 | 12.00% | 11.50% |
| 2021 and future years | 12.00% | 12.00% |