September 2020
MLCo • September 10, 2020
The rate of superannuation guarantee has been frozen at 9.5% of an employee's ordinary wages since July 2014, but from 1 July 2021 it is due to incrementally increase (by 0.5% each financial year) until it ultimately reaches 12% in July 2025.
As a result, the superannuation guarantee rate is currently set to increase to 10% from 1 July 2021.
Also in this month's update:
- Superannuation guarantee amnesty ends 7 September 2020
- JobKeeper 2.0 - tweaks to the 'Decline in Turnover' Tests
- Expanded eligible employee definition for JobKeeper
