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Super Guarantee increase from 1 July to 10%

Wednesday, 17 February 2021   

The Super Guarantee legislation requires businesses to make a contribution to eligible employees for their retirement.

The SG rate will increase on 1 July to 10% and then continue to increase each year until it reaches 12% on 1 July 2025.

 

Super Guarantee rate increases


1 July 2021 10%
 1 July 2022 10.5%
1 July 2023 11%
1 July 2024 11.5%
1 July 2025

12%

 

 

Contributions must be paid on a quarterly basis, however you can also choose to pay monthly or fortnightly.

 

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

 

If you currently use a software program like xero or myob for your payroll and superannuation, then calculations will automatically be updated for the first payrun of the new financial year.