Super rate is scheduled to progressively increase to 12% by July 2025
From 1 July 2021, the super guarantee rate rose from 9.5% to 10% and will progressively increase until 2025. Depending on your current employment agreements will determine the impact to employees. For employees that are paid a rate plus superannuation their take home salary will remain unchanged and the increase will be added to SG payments. For employees that are paid a total remuneration package, then their take home salary may be reduced by .5%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.
| Period | General super guarantee | Super guarantee
for Norfolk Island (transitional rate) from 1 July 2016 |
| 1 July 2002 – 30 June 2013 | 9.00% | 0% |
| 1 July 2013 – 30 June 2014 | 9.25% | 0% |
| 1 July 2014 – 30 June 2015 | 9.50% | 0% |
| 1 July 2015 – 30 June 2016 | 9.50% | 0% |
| 1 July 2016 – 30 June 2017 | 9.50% | 1% |
| 1 July 2017 – 30 June 2018 | 9.50% | 2% |
| 1 July 2018 – 30 June 2019 | 9.50% | 3% |
| 1 July 2019 – 30 June 2020 | 9.50% | 4% |
| 1 July 2020 – 30 June 2021 | 9.50% | 5% |
| 1 July 2021 – 30 June 2022 | 10.00% | 6% |
| 1 July 2022 – 30 June 2023 | 10.50% | 7% |
| 1 July 2023 – 30 June 2024 | 11.00% | 8% |
| 1 July 2024 – 30 June 2025 | 11.50% | 9% |
| 1 July 2025 – 30 June 2026 | 12.00% | 10% |
| 1 July 2026 – 30 June 2027 | 12.00% | 11% |
| 1 July 2027 – 30 June 2028 and onwards | 12.0% |
Stapled superannuation employer obligations for new staff
From 1 July 2021, where a new employee does not identify a fund, employers will not be able to set up a default fund but instead will be required to request that the ATO identify the employee’s stapled fund. If the ATO confirms no other fund exists for the new employee, contributions can be directed to the employer’s default fund or a fund specified under a workplace determination or an enterprise agreement. Legislation enabling this measure is currently before the Senate.
