Superannuation Changes effective 1st July 2021
Compulsory Super Guarantee (SG)
Increase effective from 1 July 2021 – its then 10%
For all payments made to employees on and after 1 July 2021 the SG rate will be 10% (increased from the current rate of 9.5%).
This increase will require employers to contribute an additional 0.5% to meet their SG obligations under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA).
You should start planning how this SG increase will be implemented and communicated to employees, and in particular those employees remunerated through superannuation-inclusive packages.
