This document summarizes upcoming changes to Australia's superannuation system. It explains that superannuation contributions are increasing from 9% to 12% over 6 years beginning July 2013. It also notes that the upper age limit for superannuation contributions is being removed so that contributions will be required for all employees beyond age 70. Additionally, the document outlines a new simpler "MySuper" product that all default superannuation funds must offer from January 2014. It provides timelines and checklists for employers to prepare for these changes to superannuation policy and ensure compliance.
We have been using storytelling to share our thoughts and feelings ever since flat screen televisions meant clay tablets and cave walls. Stories move us; they inspire us. And that is why your 110th presentation should not just include data. Because data might persuade people to consider your idea for a while, but it won’t inspire them to act; to do that, you need to drape your vision in a story that makes your audience think: “Hey! I can picture myself in his shoes!” Your story should fire their imagination and make them come alive- because a story has a key to that special place where mundane quantitative data is denied entry: our hearts.
Learn how banks can exploit five emerging technology trends for bigger, better business outcomes.
To learn more, visit https://www.accenture.com/bankingtechvision
Things That Don't Matter in Your Presentation!Ayman Sadiq
We often spend hours together on stuffs that don’t really matter in your next presentation. You need to unclutter, focus, provide insight and yes, tell a story to convey the big idea. When you stop wasting time on the things that don’t really add any value to you presentation, we finally start adding proper value to the message and objective of your presentation. So here goes a list of things on which you should not even spend a minute. Cheers!
CEO Blog at http://blogs.zappos.com/blogs/ceo-blog/2008/03/03/all-hands-meetings-and-employee-bonus
Public version of Zappos 2-29-08 (Vegas) and 3-1-08 (Kentucky) all hands meeting presentation, including announcement of bonus payment for employees
We have been using storytelling to share our thoughts and feelings ever since flat screen televisions meant clay tablets and cave walls. Stories move us; they inspire us. And that is why your 110th presentation should not just include data. Because data might persuade people to consider your idea for a while, but it won’t inspire them to act; to do that, you need to drape your vision in a story that makes your audience think: “Hey! I can picture myself in his shoes!” Your story should fire their imagination and make them come alive- because a story has a key to that special place where mundane quantitative data is denied entry: our hearts.
Learn how banks can exploit five emerging technology trends for bigger, better business outcomes.
To learn more, visit https://www.accenture.com/bankingtechvision
Things That Don't Matter in Your Presentation!Ayman Sadiq
We often spend hours together on stuffs that don’t really matter in your next presentation. You need to unclutter, focus, provide insight and yes, tell a story to convey the big idea. When you stop wasting time on the things that don’t really add any value to you presentation, we finally start adding proper value to the message and objective of your presentation. So here goes a list of things on which you should not even spend a minute. Cheers!
CEO Blog at http://blogs.zappos.com/blogs/ceo-blog/2008/03/03/all-hands-meetings-and-employee-bonus
Public version of Zappos 2-29-08 (Vegas) and 3-1-08 (Kentucky) all hands meeting presentation, including announcement of bonus payment for employees
In this presentation, you can find out exactly what you should consider and ask of potential super providers to ensure maximum satisfaction for both your business and staff.
Choosing who to partner with for your super needs is an important decision for both your business and your employees
Given the current environment, your super fund should be your partner in navigating the complex world of superannuation
Your super partner should also provide peace of mind and assistance to your staff in reaching their retirement goals
The Impact of the Current Economy on Compensation ManagementPayScale, Inc.
Join James Redfern, Chief Financial Officer and Becky Wood, Sr. Applied Analytics Adviser, as they dive into wages pre, during, and post pandemic – and what this means for economic recovery.
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Are you concerned about the future appeal of your benefits scheme?
If you are unsure how the HM Revenue and Customs' proposed salary sacrifice changes will impact your benefits programme, view the slides from our invite-only breakfast workshop.
10 Pearls, Rewards, compensation and benefits, Core Values, Innovation, Quality, Transparency, Customer Success, Changes after post- covid, Challenges faced by 10 Pearls, Challenges to be expected in the reward system.
Dust off your business plan - essential survival strategiesalison_moore13
From the Hardy Rural-net meeting on 7th February 2012, some of my thoughts on Marketing, Finance and People including impact of Stress on economy in GB.
Changing Behaviours For Better Performance GuideDotYou
A collection of presentation materials on a theme of Changing Behaviours for Better Performance, exhibited by GuideDotYou Change Solutions at Castleford Enterprise Show on 11th April 2014.
Includes content on Wakefield Business Programme and Me; Organisational Health Diagnostics; Better Financial Decision Making; Nine Reasons Businesses Fail; Business is a Career Option for Young People; Can You Support The National Enterprise Challenge?; Improving Your Sales; Change Management Isn't Easy - Here Are Some Things To Help
In this presentation, you can find out exactly what you should consider and ask of potential super providers to ensure maximum satisfaction for both your business and staff.
Choosing who to partner with for your super needs is an important decision for both your business and your employees
Given the current environment, your super fund should be your partner in navigating the complex world of superannuation
Your super partner should also provide peace of mind and assistance to your staff in reaching their retirement goals
The Impact of the Current Economy on Compensation ManagementPayScale, Inc.
Join James Redfern, Chief Financial Officer and Becky Wood, Sr. Applied Analytics Adviser, as they dive into wages pre, during, and post pandemic – and what this means for economic recovery.
Thomsons Online Benefits Breakfast Workshop - Will your benefits still engage...Thomsons Online Benefits
Are you concerned about the future appeal of your benefits scheme?
If you are unsure how the HM Revenue and Customs' proposed salary sacrifice changes will impact your benefits programme, view the slides from our invite-only breakfast workshop.
10 Pearls, Rewards, compensation and benefits, Core Values, Innovation, Quality, Transparency, Customer Success, Changes after post- covid, Challenges faced by 10 Pearls, Challenges to be expected in the reward system.
Dust off your business plan - essential survival strategiesalison_moore13
From the Hardy Rural-net meeting on 7th February 2012, some of my thoughts on Marketing, Finance and People including impact of Stress on economy in GB.
Changing Behaviours For Better Performance GuideDotYou
A collection of presentation materials on a theme of Changing Behaviours for Better Performance, exhibited by GuideDotYou Change Solutions at Castleford Enterprise Show on 11th April 2014.
Includes content on Wakefield Business Programme and Me; Organisational Health Diagnostics; Better Financial Decision Making; Nine Reasons Businesses Fail; Business is a Career Option for Young People; Can You Support The National Enterprise Challenge?; Improving Your Sales; Change Management Isn't Easy - Here Are Some Things To Help
16. but who is paying
for these
increases?
You?
You?
17. but who is paying
for these
increases?
You?
You?
Well, that
depends on 2
things:
18. but who is paying
for these
increases?
Well, that
depends on 2
things:
01
Remuneration
Structure
You?
19. but who is paying
for these
increases?
Well, that
depends on 2
things:
01
Remuneration
Structure
02
What do you
want to do?
20. There are 2 types of remuneration structures:
01
Remuneration
Structure
# 1
Base plus
Superannuation
($60K + super)
# 2
Salary Package
($65.4k incl. super)
21. If you use base + super
you must increase
remuneration
01
Remuneration
Structure
# 1
Base plus
Superannuation
($60K + super)
# 2
Salary Package
($65.4k incl. super)
Company must
increase remuneration
22. If you use salary
package, you may not
need to.
01
Remuneration
Structure
# 1
Base plus
Superannuation
($60K + super)
# 2
Salary Package
($65.4k incl. super)
Company must
increase remuneration
Company may not be
required to increase
23. If you use salary package you
must review:
# 2
Salary Package
($65.4k incl. super)
Company may not be
required to increase
Employment contract
Modern Award
What does your
contract say about
super contributions?
What are your Modern
Award obligations?
24. 02
What do you
want to do?
If you are not required to
increase the remuneration
package – your employees will
cover the increase from their
take home pay.
25. 02
What do you
want to do?
If you are not required to
increase the remuneration
package – your employees will
cover the increase from their
take home pay.
!Super is REAL money.
Do not feel obliged to increase
remuneration packages if you
do not have to.
26. Don’t forget about bonus, commission
and other payments to which the
superannuation guarantee applies.
27. To make your plan, identify:
What do you have to do?
What do you want to do?
Why do you want to?
What impact will that have on the business?
(to meet your legal obligations)
(increase remuneration even if you don’t have to?)
(is it to be nice or an active engagement strategy?)
(consider implications now and in the future on, salary costs, employee
engagement and return on investment for example)
30. Upper Age limit will be removed
Super contributions required for all employees
Current
Over 70
From 1 July 13
Over 70
31. Change #3
Super is getting SIMPLER
MySuper
New Super product
replacing default products
Data Standard
Send contributions in 1
standard electronic format
32. MySuper
From 1 January 2014 all ‘default super’
funds must offer a MySuper product.
It is expected that existing default funds will
offer a MySuper product.
You default fund should contact you with
transition details.
33. MySuper
From 1 January 2014 all ‘default super’
funds must offer a MySuper product.
It is expected that existing default funds will
offer a MySuper product.
Your default fund should contact you with
transition details.
If they don’t contact you by October 2013
– contact them and ask
Do you offer a MySuper product?
34. Data Standard - SuperStream
From 1 July 2014 you must use the new data and e-commerce
standard (1 July 2015 for employers with < 19 employees).
For more information about the data standards:
35. Now you have a better
understanding of the changes
What will
you do
about it?
36. 1 JULY 13 - TO DO CHECKLIST
Identify any employees > 70 years
Review Remuneration Structure (all employees)
Review Employment Contract
Review Modern Award Obligations
Identify what you have to do
Decide what you want to do
Document what you will do
Notify your employees
Issue employment condition variation letters (where required)
37. TIMETABLE OF CHANGES
1 Jul 13 Increase SG rate from 9% to 9.25%
Make SG contributions to employees > 70
1 Jan 13 Default fund must offer a MySuper product
1 Jul 14 Increase SG rate from 9.25% to 9.50%
Use new data and e-commerce standard (employers > 20 employees)
1 Jul 15 Increase SG rate from 9.50% to 10%
Use new data and e-commerce standard (employers < 19 employees)
1 Jul 16 Increase SG rate from 10% to 10.5%
1 Jul 17 Increase SG rate from 10.5% to 11%
1 Jul 18 Increase SG rate from 11% to 11.5%
1 Jul 19 Increase SG rate from 11.5% to 12%
38. FURTHER INFORMATION
ATO Employers
Superannuation
DHS Small Business
Superannuation
Clearing House
This presentation has been provided as
general summary of the changes occurring
to Superannuation.
You should seek professional advice when
designing a system to address the changes
to superannuation.
ATO Super Eligibility Tool
39. Kinetic Recruitment specialises in permanent and contract recruitment to
Defence, Rail and Resources organisations in Australia.
Amelia De Angelis is the Operations Manager for Kinetic Recruitment and
manages the Human Resources department . She holds a Bachelor of Business
Studies and is passionate about sharing knowledge with our clients.
For further information please contact us at enquiries@kineticrecruitment.com.au
www.kineticrecruitment.com.au