Important information for small business owners!As your small business accountants, it is important we inform you that legislation has just been introduced in the House of Reps that, if passed, will see the superannuation guarantee (SG) rate rise from 9% to 12%, starting from 1 July 2013. The change will occur in steps of 0.25% over a number of years until 1 July 2019 when the full rate will be 12% of an employees eligible wages.
Whilst we cannot argue that this is a great move for our ageing nation as a whole, it will be the thousands of small business around the country that will need to find extra cash flow to cover this increased cost of employing people and running a small business. It will no doubt have an impact on the ability of small businesses to employ more people in the short to medium term as they adjust to the impact. It may also impact on salary packages offered to new employees as a way of keeping the overall cost of employing new staff to a manageable level.
As a business accountant based in Sydney please feel free to contact m.a.s accountants if you would like further information on this matter.