On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. For salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied.
If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. Superannuation Guarantee legislation states that super payments will then increase incrementally each year until they reach 12% in 2025.
It’s important you pay your workers the correct amount of super.
Please visit the ATO’s superannuation guarantee eligibility decision tool to help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.
SUPER CONTRIBUTION CAPS INCREASING
From 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps will be:
Further information can be found on the ATO website.
If you require any assistance, please contact us via our contact us page.