Practitioners should alert their small business clients to the impacts of the government’s superannuation guarantee increase, set to take effect on 1 July, and urge them to communicate changes with their employees clearly, says one industry body.
Time to get on the front foot with imminent SG rate rise
Time to get on the front foot with imminent SG rate rise
With the pending increase in Super Guarantee from 9.5% to 10% as of 1 July, business owners are being urged to make preparations for the increase.
Importantly, these preparations could include explaining what the change means to your employees take home pay, explaining what the employer will be now contributing to the employee superannuation fund, changes required to your payroll software and systems and potential amendments required to employee contracts to adjust for this change.
If you need help with the change, contact the Fortunity team to assist on 4304 8888.
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