The Government has introduced the Superannuation Guarantee (Administration) Amendment Bill 2011 into the House of Representatives.

If passed, the bill will increase the Superannuation Guarantee charge from 9 percent to 12 percent of an employee’s ordinary time earnings and the Superannuation Guarantee age limit will be abolished.

The Superannuation Guarantee charge percentage will be increased to 9.25% on 1 July 2013, 9.5% on 1 July 2014, 10% on 1 July 2015, 10.5% on 1 July 2016, 11% on 1 July 2017 and 11.5% on 1 July 2018. On 1 July 2019 the rate will be set at 12 per cent for 2019-20 and subsequent income years.

The legislation will lift the Superannuation Guarantee age limit to 75 from 70 at present.

On 1 July 2013 the age limit will be removed.