Liability limited by a scheme approved under Professional Standards Legislation
| Superannuation Guarantee Rates Reminder | ||||||||||||
The current superannuation guarantee rates for employees has increased to 10% rate from pay periods ending after 1st July 2021. This has changed from the 9.5% superannuation guarantee rate used since 2014.
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Employers are encouraged to review their payroll software to ensure that their systems are up to date and are calculating the correct rates. The incorrect rates will lead to unintended underpayments of superannuation, which may attract penalties. We also recommend that employers review your employee’s contracts to ensure that you are calculating the superannuation correctly on the employees renumeration package. The first quarterly superannuation guarantee subject to the new rate will be September 2021, due by the 28th October 2021. As a reminder, the following superannuation guarantee (SG) rates are to be implemented in due course:
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12th-August-2021 |
| Simmons Partners Suite 3a, 303-313 Burwood Hwy Burwood East 3151 Vic | Phone:+61 3 9887 9377 | Fax:+61 3 9887 9615 | Email:info@simmonspartners.com.au |