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Employers urged to brace for SG increase on 1 July

Employers urged to brace for SG increase on 1 July

Business leaders should turn their attention to how they plan on managing the government’s increase to the superannuation guarantee, set to come into effect from 1 July, to avoid penalties, says one tax expert.

by Shared by Accountants Daily | 20 May, 2021

An increase to the superannuation guarantee (SG) is set to go ahead from 1 July which will see the base rate rise from 9.5 per cent to 10 per cent, followed by incremental half percentage point increases each year to 12 per cent on 1 July 2025.