More fiddling with the Superannuation Guarantee Charge rates
We published an update in May, reporting on changes to the SGC rates under the Budget.
However, five months later, the proposed changes to rates have themselves been changed, as a result of negotiations between the government and the Palmer United Party senators in connection with the repeal of the mining tax.
The rate of 9.5% employer contributions which took effect on 1 July 2014 will now continue until 1 July 2021, instead of 1 July 2018.
The rate will then increase by 0.5% to 10% from 1 July 2021, and by 0.05% each year after that until it reaches 12% in 2025, rather than 2022 as previously planned.
For more information on superannuation guarantee charges please contact our experienced employment lawyer:
Stephen Booth, Principal
Phone: +61 2 9895 9222