Reduction in Superannuation Guarantee (SG) rates
As the abolition of the Mineral Resources Rent Tax was unsuccessful, the rate for SG will be frozen at 9.50% for four years instead of two, starting from 2014/2015 Financial Year. After the 2017/2018 Financial Year, the SG rate will increase 0.5% every year and reach 12% at the 2022/2023 Financial Year.
The table below shows the currently legislated rates which was introduced by the Labor Government, compared to the proposed SG rates in the 2014-2015 Federal Budget.
For more info regarding contributions, please see here: http://www.superannuationwarehouse.com.au/running-smsf/personal-super-contributions/