Are you ready for wage changes post 30th June?
This year’s Federal Budget confirmed that superannuation on wages paid from 1st July 2021 will increase from 9.5% to 10%.
There will be further increases each year by 0.5% until 1st July 2025 when the rate will be 12%.
You should ensure that your payroll software is updated for any wages paid from 1st July 2021. Most cloud based packages should update automatically but a self-check would be recommended.
As a note, any superannuation paid post 30th June 2021 that relates to wages paid prior is still at 9.5%.