Are you ready for the Superannuation Guarantee rate rise?
On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%.
If your small business has employees, you'll need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. Xero has this automatically increasing.
For salary and wage payments made on or after 1 July 2021, the new superannuation guarantee contribution rate of 10% will apply.
Super guarantee contributions for the quarter ending 30 June 2021 should be calculated at the old rate of 9.5%.