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Superannuation Guarantee Charge increase

Superannuation Guarantee Charge increase

Are you ready for the increase in your Employee’s Super?

From 1 July 2021, the Super Guarantee Percentage is increasing to 10% from 9.5%.

This will apply to any wages payable from this date. Depending on your Accounting/Payroll Software, the calculation will update automatically so you won’t need to do anything further. Please check with your software provider to confirm. For the first pay run in July, we would recommend checking at least one of your employees to confirm the Superannuation has calculated correctly in any case.

If you are one of the shrinking number of businesses calculating your Wages and Superannuation manually, you will need to incorporate the change in future calculations. Considering the upcoming changes to Single Touch Payroll, it may also be time to start using an STP compatible software for your payroll.

Super Due dates for 2021:

Quarter Period Superannuation Due Date
1 1 July – 30 September Thursday, 28 October 2021
2 1 October – 31 December Thursday, 28 January 2021
3 1 January – 31 March Wednesday, 28 April 2021
4 1 April – 30 June Wednesday, 28 July 2021

 

Please contact our office if you require further information.