From 1 July 2021, the Superannuation Guarantee is increasing from 9.5% to 10%.
In coming years, superannuation rates are set to increase as follows:
|Period||General Super Guarantee %|
|1 July 2021 – 30 June 2022||10%|
|1 July 2022 – 30 June 2023||10.50%|
|1 July 2023 – 30 June 2024||11%|
|1 July 2024 – 30 June 2025||11.50%|
|1 July 2025 – 30 June 2026||12%|
Employers should be aware of and ideally budget for, these increases as they may also coincide with wage increases for 2021.
The existing eligibility requirements for superannuation payments to employees still apply as before. The ATO provides a useful summary of who is entitled to superannation.
As a Workplace Central managed payroll client you could experience a complete HR and Payroll management service saving you time and effort while streamlining your cash flow, including helping you keep up to date with employee obligations, just like this.
We help shorten the ‘to-do’ list so that you can focus on what you do best, safe in the knowledge the employment specialists are available for your HR and payroll needs.
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Talk to our Workplace Partners about how our managed payroll solution would work in your business.