16
Jun

Are you ready for the super guarantee rate rise?

On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%.

If your petrol station has employees, you’ll need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.

For salary and wage payments made on or after 1 July 2021, the new superannuation guarantee contribution rate of 10% will apply.

Super guarantee contributions for the quarter ending 30 June 2021 should be calculated at the old rate of 9.5%.

If you require help to work out how much super you need to pay your employees after 1 July, you can use the ATO’s SG contributions calculator.

It’s important you pay your workers the correct amount of super.

The super rate is scheduled to progressively increase to 12% by July 2025.

If you have any questions, reach out to Dan on 0490 415 063 or [email protected]