The super guarantee rate will rise in July this year to 10.5%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages.
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally.
In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025 when it will reach the legislated 12%.
Prepare Now for the July Rate Rise
If you’d like help reviewing payroll costs and employee agreements, talk to us now, and we'll make sure you have accurate reports to make planning for the rate rise easy.
Getting organised now means that you'll be well prepared for your business's increased costs when the first payment is due later this year.