On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.
If you need help to work out how much super you need to pay for your employees after 1 July, you can use the ATO’s super guarantee contributions calculator (first link below).
It’s important you pay your workers the correct amount of super. The ATO’s superannuation guarantee eligibility decision tool (second link below) will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.
The super rate is scheduled to progressively increase to 12% by July 2025. You can find the scheduled rate increases and dates on the ATO website.
The links:
- https://www.ato.gov.au/Calculators-and-tools/Super-guarantee-contributions/
- https://www.ato.gov.au/Calculators-and-tools/Super-guarantee-eligibility/
DISCLAIMER: All information provided in this publication is of a general nature only and is not personal financial or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this publication (including Taxpayers Australia Incorporated, each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information. The Copyright is owned exclusively by Taxpayers Australia Ltd (ABN 96 075 950 284).