On 1 July 2021, the Super Guarantee Rate will increase from 9.5% to 10%. Make sure your Payroll and Accounting systems are updated to incorporate the increase to the Super rate.
If you need help to work out how much Super you need to pay for your employees after the rate increases, you can use the ATO's Super Guarantee Contributions calculator.
For salary and wage payments made on or after 1 July 2021, the minimum Superannuation Guarantee Contributions rate of 10% will need to be applied.
It is important you pay your employees the correct amount of Super. The ATO'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.
The Super rate is scheduled to progressively increase to 12% by July 2025.
Super Contributions Cap
From 1 July 2021, the deductible concessional contributions cap will increase from $25,000 (FY2021) to 27,500 for the FY2022. Have you reviewed yours and employees sacrifice arrangement plans for the next financial year? Get in touch if you need help.
Related: Tax Alert ~ Tax Benefits From Superannuation Contributions
Have you noticed our #EOFYTaxTips2021... here's one that relates to #SingleTouchPayroll
"Prepare the Single Touch Payroll (STP) finalisation declaration and send to the ATO before 30 June 2021. Employers with more than 20 employees have until 14 July 2021. Employers with 19 or less employees have until 31 July 2021. Review if you need to register for STP by 1 July 2021, and check whether if needs to be pushed by 31 July 2021."