Employers should be aware that the superannuation guarantee will rise from 9.5 per cent to 10 per cent from July 1 this year, rising progressively to 12 per cent by 2025. Businesses need to ensure that all accounting and payroll systems are updated to reflect the changes and that salary and wage payments are adjusted accordingly to reflect the new regulations. If you have any questions about your obligations as an employer, please speak to one of our friendly tax advisers.
From 2022, the superannuation general transfer balance cap will increase from $1.6 million to $1.7 million from the 1st of July 2021. Other changes that will apply from 1 July 2021:
- The non-concessional contributions cap will increase from $100,000 to $110,000, and
- The concessional contributions cap will increase from $25,000 to $27,500.
Superannuation can be a tax effective way to save for a comfortable retirement. To take advantage of these recent superannuation changes and learn how they may benefit you, please talk to your dmca advisor as soon as possible.Read More