The Superannuation Guarantee [SG] legislation requires businesses to contribute on behalf of each eligible employee to help save for retirement.

The SG rate is currently at 9.5% of an employee’s ordinary time earnings. It has been frozen at 9.5% since 2014, however as previously announced in the Federal Budget, and further to our article posted on 13.05.2021, we can now confirm that the SG rate will rise from 9.5% to 10% on 1 July 2021.

Under the current timetable, the SG rate is scheduled to rise half a per cent each year until reaching a final value of 12% by 2025.

To prepare for this rate increase on 1 July 2021, all employers should:

  • Review their current employees to determine the eligible employees they should be paying super for
  • Ensure that their payroll and accounting systems are updated to incorporate the change.

If you need working out the correct amount of super to contribute to your employees or assistance with any of the above matters, please contact our office.

– Ian Hogbin & Megan McKay

Posted 04.06.2021

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

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04:31 25 May 20
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06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
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James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
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Pandora Colledge
01:36 15 May 20

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