Superannuation Guarantee (SG) Rate Increases
The Superannuation Guarantee (SG) rate, as currently legislated, will increase from 9.5% to 10%, with effect from 1 July 2021.
Further increases of 0.5% per year are to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards.
From 1 July 2021, employers will need to update their payroll settings to reflect the 0.5% increase in the SG rate. More importantly, both employers and employees will need to consider the potential increased SG costs of these changes going forward.
Our client guide (see link below) covers the financial impact on employers and employees and appropriate action required to be taken in response to the changes.
How can we help?
If you have any questions or would like further assistance regarding this update, talk to us today on 02 9415 1511 or send an email to your advisor at PrimeAdvisory.