Changes in Super Contributions

The rate for superannuation contributions by employers on behalf of their employees under the SGC for the year ended 30 June 2021 is 9.5%. The rates are scheduled to increase over the next few years. For the year ended 30 June 2022, the rate increases to 10%, meaning that contributions made in relation to salary and wages paid on or after 1 July 2021 will be subject to the higher 10% rate. You will need to ensure payroll and accounting systems are updated to reflect this change.

The contributions rate is scheduled to increase by 0.5% per year until it reaches 12% from 1 July 2025. This may be subject to change. Employers must make superannuation guarantee contributions for their employees on a quarterly basis within 28 days after the end of each quarter (September, December, March and June).