Superannuation Guarantee Increases to 10% July 1st 2021

From July 1st 2021 superannuation guarantee increases to 10%. This will be followed by incremental half percentage point increases each year to 12 per cent on 1 July 2025. Employers need to be aware and start planning immediately. This change will impact their employee remuneration arrangements from 1 July 2021 and there will need to be consideration around how the increase will be funded. There will also need to be consideration where employees are on a contract where the remuneration is inclusive of superannuation. Employers will also need to ensure they are meeting their superannuation obligations and avoiding penalty from the ATO.