Superannuation Guarantee Rates Reminder

Superannuation Guarantee Rates Reminder

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:

PeriodSG Rate
1 July 2021 to 30 June 202210.00%
1 July 2022 to 30 June 202310.50%
1 July 2023 to 30 June 202411.00%
1 July 2024 to 30 June 202511.50%
1 July 2025 to 30 June 202612.00%

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Coutts Redington
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First and foremost, we’re accountants. But we like to think of ourselves as a lot more. We work closely alongside business owners to bring more clarity, direction, and support, improving elements of your life beyond just the business. And, with our firm’s history in the Townsville area going back to the 1950s, we’re an established part of the local business community. We take that responsibility seriously.

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