SuperannuationFrom 1st July 2014, the rate payable by employers for employee Superannuation will be increasing to to 9.50%.

Here are a few thoughts that are relevant to the changes.

Please keep in mind, that if your employees employment contract is a “salary package” (inclusive of Superannuation) then the employees take home pay will decrease and you won’t pay them any more so be prepared for explanations after the employees first pay date in July or explain tho them before this date what is going to happen to their take home pay.
 
If their (employees) contract states salary plus superannuation, then you are paying the salary amount, plus super, increasing their package by .25% for the new increases.  
 
Also keep this information in mind for any future contracts for employment. If you would like to control your employment costs, ensure that all of your contracts are inclusive of superannuation. If you don’t have Contracts of Employment for your employees then this is an area that you need to address immediately with a suitable HR person.

It is very important that you have Contracts of Employment as it will ensure that the employment engagement you have with your staff is very clear. No anomalies that they can come back and make a claim against you for later.

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