SUPERANNUATION GUARANTEE INCREASES TO 10%
From 1 July 2021 the Superannuation Guarantee rate will increase from 9.5% to 10%. It is planned to increase by 0.5% each year until it reaches 12% on 1 July 2025.
If you have employees, it is important that you ensure your payroll systems are up to date to incorporate the new increased super rate.
If you need assistance with working out how much super you need to pay your employees after the super rate increases, the ATO has created a super guarantee contributions calculator which can be found at the following link: (https://www.ato.gov.au/Calculators-and-tools/Super-guarantee-contributions/)
For any salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied.
It is important that you pay your employees the correct amount of super as penalties may be applied!
If you have any questions about how the increased super rate affects you, or for any other queries, feel free to contact our office.
The team at V I Partners are always here to help you and your business!