From 1 July 2021, Super Guarantee (SG) on ordinary wage payments increases to 10%. This increase in the SG rate is the first of five consecutive 0.5% SG increases scheduled through to 2026. After all five rate increases, the SG rate will sit at 12%.
Up-to-date payroll software should make this change for you. It should calculate SG correctly each pay run and tell you how much needs to be paid. For the first few pay cycles you need to review your payroll systems output, to ensure it is correct. Anyone still manually calculating SG will need to remember to change their SG percentage to 10%.
Note: If your employee contracts denote wages as a total package but your payroll software denotes wages as a salary/hourly rate plus SG, you may need to alter this amount to maintain the same total wage package.