Superannuation Guarantee Rate Changes
As announced in the 2021 Federal Government Budget an increase of the super guarantee rate is to take place on 1 July, 2021 from 9.5% to 10%.
In most cases, if you are paying your employees superannuation on top of their Ordinary Times Earnings, your accounting system will accommodate the increase of super to be applied. However, if you are a business using salaries paid on an 'including super' basis, it is recommended having your HR team look over your employees' contracts to ensure you have the correct treatment of the wages applied to your payroll.
If you are utilising The Money Edge's payroll processing services, please ensure to supply us with any changes to employment contracts at least one week prior to the first pay run of the new financial year.
Should you have any queries, please contact our office.
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