Monday 20 June 2022

Superannuation Rate Increases to 10.5% on 1 July 2022

The compulsory employer superannuation rate will increase from the current 10% to 10.5% on 1 July 2022. The increase in the compulsory superannuation rate affects all employers throughout Australia.

The rate will continue to increase by 0.5% until it reaches 12% in July 2025.

What does this mean for you, as an employer?

From 1 July 2022, employers will be required to make superannuation contributions on behalf of employees at the rate of 10.5% of the employee's "ordinary time earnings". You'll need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.

What does this mean for you, as an employee?

 

From 1 July 2022, employee salary packages will include a minimum of 10.5% percent superannuation. For many, this will mean an increase in overall remuneration with your take-home pay staying as is, and your employer tipping more into your superannuation, helping you in retirement.