2021 Jul 24 By erataxsolutions 0 comment

Superannuation Guarantee Rate Increase – What does this mean? From 1 July 2021, the Federal Government has legislated that the Superannuation Guarantee (SG) rate be increased from 9.5% to 10% of your wage or salary. Basically, this means your employer must contribute, on your behalf, to your nominated complying superannuation fund, as a minimum, this new percentage based, on your ordinary time earnings. Such contributions help to fund your retirement. However, this may not sound as rosy as it is intended. Depending on your employment contract, it may mean your take-home pay has decreased because your superannuation has increased. For…