



Superannuation guarantee increase to 10.5%
The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.
If you have employees, what this will mean depends on your employment agreements. If the employment agreement states the employee is paid on a 'total remuneration' basis (base plus SG and any other allowances), then their take home pay might be reduced by 0.5%. That is, a greater percentage of their total remuneration will be directed to their superannuation fund. For employees paid a rate plus superannuation, then their take home pay will remain the same and the 0.5% increase will be added to their SG payments.
Related Insights
Election 2025
Election 2025
A summary of the latest announcements and election commitments relevant to individuals and small to medium businesses.
Tax News for Residents Selling Property from 1st January 2025
Tax News for Residents Selling Property from 1st January 2025
Foreign Resident Capital Gains Withholding rules are changing on 1st January 2025.
Checklists for your 2023-24 Tax Return
Checklists for your 2023-24 Tax Return
From tax return checklists to FBT declaration forms, we want you to have easy access to the forms that will help provide you with a comprehensive service
We are here for you
We look forward to working with you to help you achieve a better financial future. Let us guide you on the path to financial success.
Contact your preferred Murray Nankivell office today.

