You probably already know that the superannuation guarantee is being raised from 9.5 per cent to 10 per cent from 1 July 2021.
This increase will impact employees differently, depending on their contracts.
For employees whose superannuation is bundled into their total renumeration, have a conversation about why they may now receive less take-home pay in order to avoid any surprises next month.
It’s also a good time to prepare for the superannuation guarantee to go up 0.5 per cent annually until it reaches 12 per cent in 2025. This will need to factor into your decisions when hiring and renegotiating contracts.
As always, we are more than happy to discuss further, answer any questions you have and help you work out a plan for the next few years.