The Senate has disagreed to the proposed deferral of the superannuation contribution rate increase. This means that the minimum employer superannuation contribution will increase from 9.25% to 9.5% from 1 July 2014.
The measure to defer the increase was contained in a Bill called the Mineral Resource Rent Tax Repeal and Other Measures Bill 2013. That Bill was “negatived” in the Senate and its status is now shown as “Not Proceeding”. Therefore the Bill is at its end. As the Bill was not successful the laws that are already in place for the increase each year in increments through to a maximum of 12% by 1 July 2019 continue.
The Government could introduce the changes again as a separate Bill or potentially resurrect part of what was negatived. However unless that occurs the increase to 9.5% continues from 1 July 2014. For those with interest in this area we provide a link to the “negatived” Bill below: