As previously highlighted to our Briefly readership, compulsory employer superannuation guarantee contributions will soon increase from 9% to 9.25%.

This increase will take effect on 1 July 2013. It is the first increase of seven to the superannuation guarantee contribution, which will ultimately require employers to make contributions of 12% of an employee’s ordinary time earnings.

All employers must ensure that the new rate of 9.25% is adhered to throughout the 2013/14 financial year.