According to the ATO, the super guarantee (SG) rate will rise from 9.5% to 10% on 1 July 2021.
In line with this, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate for small businesses who have employees.
The new super guarantee contribution rate of 10% will apply for the salary and wage payments made on or after 1 July 2021.
The old rate of 9.5% for Super guarantee contributions should be calculated for the quarter ending on 30 June 2021.
It’s important that you pay your workers the right amount of super. Superannuation is money you pay eligible workers to provide for their retirement. It is the minimum amount you must pay to avoid the super guarantee charge. We will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.
By July 2025, the super rate is scheduled to progressively increase to 12%.