Superannuation Guarantee Increase

Most business owners who employ workers are aware that they must also pay a percentage of the employees gross wages to the employees chosen Superannuation Fund.

This payment is in addition to the employees gross wages and has strict payment deadlines. It is known as Superannuation Guarantee.

Over a number of years, the Superannuation Guarantee will gradually increase until it reaches 12% of an employees gross wages by 1 July 2025.

This increase has been in effect since 1 July 2013, and come 1 July 2021 the current rate of 9.5% will be increased again to 10%.

For more information on the increase amounts and dates, visit the ATO website or get in touch.