When did super increase to 10?
1 July 2021
The super guarantee (SG) rate has been 10% since 1 July 2021. From 1 July 2022, it increases to 10.5% and has been legislated to rise incrementally each year until it reaches 12% in 2025.
When did the super guarantee change?
From 1 July 2022 the superannuation guarantee rate will increase to 10.5%. This is an increase of 0.5%. The super rate is due to increase a further 0.5% each year until it reaches 12% in 2025.
What are the new super changes?
Increase in Super Guarantee percentage From 1 July 2022, the percentage rate for the Super Guarantee (SG) increases from 10% to 10.5%. Employers are required to contribute additional money into their employees’ super accounts in line with the higher SG percentage rate.
Does super go up in July 2021?
Importantly, the Federal Government has maintained the legislated increase to the superannuation guarantee, which will increase by 0.5% to 10% on 1 July 2021.
Will there be a super increase in 2021?
On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%.
What is the current super guarantee?
10%
Super guarantee is 10% of an employee’s ordinary time earnings. Check if you have to pay super for your employees, including contractors and workers under 18.
What are the changes to superannuation from 1 July 2022?
The super guarantee (SG) rate will also increase from 10% to 10.5% on 1 July 2022. You’ll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July. The SG rate is legislated to increase to 12% by 2025.
Is Super increasing in July 2022?
This year, as of July 2022, the rate will increase to 10.5%. These incremental rate increases will occur each year until it reaches 12% in 2025. Of course, if any of your staff already receive 10.5% or more, you may not need to increase their amount, depending on their employment agreement.
What are the changes to superannuation from 1 July 2021?
Increase to the superannuation guarantee (SG) rate The 2021/22 superannuation guarantee rate has increased to 10% (from 9.5% in 2020/21). Advice impacts: From 1 July 2021: Employed clients will receive a higher amount of SG for 2021/22 than 2020/21 assuming the same amount of ordinary time earnings.
How much is super 2021?
10.00%
Superannuation Guarantee (SG) – the SG rate rises to 10.00%, with the maximum super contribution base for 2021/22 increasing to $58,920 per quarter. SG contributions are the compulsory contributions which most employees are eligible to receive, paid by their employer to super on their behalf.
What is the new superannuation rate for 2021?
to 10%
On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%. If your small business has employees, you’ll need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.