Future Superannuation Guarantee charge increases delayed until 1 July 2021

 

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The Superannuation Guarantee Charge (“SGC”) required contribution rate will now remain at 9.5% of an employee’s salary and wages (subject to a quarterly contribution cap, currently $4,695.85 per quarter (ie 9.5% of $49,430) and threshold wages of $450 per month) until 1 July 2021. Thereafter it will rise in annual increments of 0.5% until it reaches 12.0% on 1 July 2025.