How the proposed reforms to super could increase your retirement savings
The Gillard Government is spreading the benefits of the mining boom by boosting the superannuation savings of Australians.
How are we doing this? The Government is:
- Increasing the required contribution to employee superannuation from 9 per cent to 12 per cent, progressively commencing from 1 July 2013;
- Providing an additional boost to the superannuation of low income workers. People earning up to $37,000 will receive an annual tax refund of up to $500 into their fund starting from 1 July 2012; and
- Abolishing the age limit on the superannuation guarantee from 1 July 2013 to help employees aged 70 and over.
To find out how much these important changes could increase your superannuation, enter some basic information into the Super Calculator.
* The current calculator assumes that the 'Current age' is for 2012. A new version of the website which has a 2013 base will be issued shortly.