Superannuation Changes

There are a number of changes to superannuation, including compulsory superannuation contributions from 1 July 2021.

These are:

• SGC increase: Compulsory employer SG payments are scheduled to increase from 9.5% to 10% on 1 July 2021.
• Contribution caps changed: Contribution caps are set to increase for the first time since 2017. More information about what this means can be found here.
• Single Touch Payroll (STP) kicks in: Employers with more than 20 employees have been using STP since 1 July 2018, but from 1 July 2021, all employers will have to report payroll obligations electronically (unless they have an exemption).

In addition, from 1 November 2021, changes are being made to ‘stapling’ – which is where new employees will automatically keep their existing super fund (if they have one) when they start their employment in a new job, unless they otherwise choose a fund themselves. You can read more about the super stapling here. We are also expecting the ATO to release further information on these changes prior to November.