ATO reminds firms of super increase

The Australian Taxation Office has sent out a reminder to businesses that the compulsory superannuation guarantee increased to 9.5 per cent as of July 1.

ATO assistant commissioner Emma Haines says employers who make superannuation payments quarterly on behalf of their employees should be aware the super guarantee rate has increased from 9.25 per cent.

"The first quarterly contributions need to be paid by October 28," Ms Haines said in a statement on Thursday.

The Abbott government had intended when it came to power last year to freeze the super guarantee at 9.25 per cent for two years when it abolished the previous Labor government's mining tax, which was supposed to fund related super tax concessions.

In the event, the minerals resource rent tax was not scrapped until last month, by which time the super guarantee had already increased to 9.5 per cent.

However, under the legislation ending the MRRT, the guarantee will now not increase again until July 2021.