'It's going to suck': Surprise pay cut looms for millions :

'It's going to suck': Surprise pay cut looms for millions


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by Anthony Keane
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Workers across Australia face a surprise pay cut when compulsory employer superannuation payments rise from 9.5 to 10 per cent of wages on July 1.
People on salaries that include superannuation in their package are likely to lose some take-home pay as a higher proportion of their income gets diverted into super.
Accountants estimate the move could impact more than half the nation's salary-earners, and is the first of five 0.5 per cent super rises legislated to occur on July 1 each year until 2025, when the compulsory superannuation guarantee (SG) contributions will reach 12 per cent.
Chartered accountant and Mr Taxman founder Adrian Raftery said "it's going to suck" for some people.

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