SGC Increase July 2021

20
May









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Superannuation Guarantee to increase from 1 July 2021

Good Afternoon,
 
Effective from the 1st of July, the Superannuation Guarantee (SG) will increase to 10% (currently 9.5%) and will continue to increase until it reaches 12% on the 1st of July 2025.
 
The SG rates are in the table below:

Superannuation Guarantee (SG) rates

Date SG Rate
1 July 2016 9.5%
1 July 2017 9.5%
1 July 2018 9.5%
1 July 2019 9.5%
1 July 2020 9.5%
1 July 2021 10%
 1 July 2022 10.5%
1 July 2023 11%
1 July 2024 11.5%
1 July 2025 12%

Who is eligible for SG payments?

Most employees should be covered by the SG legislation. Generally, employees who are paid $450 or more (before tax) in a calendar month and work on a full-time, part-time or casual basis should receive super contributions. Please note that this threshold is under review as part of the recent budget and may change in the future. SG contributions are also payable for employees who are on leave such as paid sick leave, long service leave and annual leave.

Payment of Superannuation Guarantee

Contributions must be paid, at a minimum, on a quarterly basis. The deadlines for payment of superannuation contributions are:

Quarterly Superannuation Guarantee (SG) deadlines

SG quarter Date payment due
1 July – 30 September 28 October
1 October – 31 December 28 January
1 January – 31 March 28 April
1 April – 30 June 28 July

 
For more information please don’t hesitate to contact us or visit the ATO website here – Super for employers | Australian Taxation Office (ato.gov.au)
 
 

 

 
 

Our mailing address is: PO Box 2914, Southport, QLD, 4215.

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