Did you know that 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. For salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied.
Need help to work out how much super you need to pay for your employees after the rate increases, you can use the Australian Taxation Offices super guarantee contributions calculator.
It very important that you pay your workers the correct amount of super. The Australian Taxation Office’s superannuation guarantee eligibility decision tool will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.
Remember our Business Advice Hotline is here to help the South Australian Business Chamber Members. Call us today on (08) 8300 0000.
