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Superannuation Guarantee Rate Rise July 2021
In July 2021, the rate is set to rise to 10%.
The 2020 delayed budget did not defer the super increase as was discussed prior to the budget. As this rate rise was already postponed from 2018 to 2021, it is unlikely that there will be another deferral.
Plan Now for the July Increase
Discuss the July increase to the super rate with your employer clients now.
Let them know that this is the first year since 2014, the rate has risen and that unless the law changes, there will be an increase of 0.5% each year from now until July 2025 when the statutory rate will reach 12%.
Offer to do payroll calculations showing the current wages and superannuation expense compared to the new rate from July 2021, highlighting the increase in expense per month or quarter.
ATO – Super guarantee percentage