The current superannuation guarantee rates for employees has increased to 10% rate from pay periods ending after 1st July 2021. This has changed from the 9.5% superannuation guarantee rate used since 2014.
Employers are encouraged to review their payroll software to ensure that their systems are up to date and are calculating the correct rates. The incorrect rates will lead to unintended underpayments of superannuation, which may attract penalties.
We also recommend that employers review your employee’s contracts to ensure that you are calculating the superannuation correctly on the employees renumeration package. The first quarterly superannuation guarantee subject to the new rate will be September 2021, due by the 28th October 2021.
As a reminder, the following superannuation guarantee (SG) rates are to be implemented in due course:
|1 July 2021 to 30 June 2022||10.00%|
|1 July 2022 to 30 June 2023||10.50%|
|1 July 2023 to 30 June 2024||11.00%|
|1 July 2024 to 30 June 2025||11.50%|
|1 July 2025 to 30 June 2026||12.00%|