The ATO has issued a reminder of the increase in compulsory minimum super payments employers make ahead of the first quarterly superannuation payments under the new rate.
Employers who make superannuation payments quarterly on behalf of their employees should be aware the super guarantee rate increased from 9.25 per cent to 9.5 per cent as of 1 July this year, said assistant commissioner at the ATO, Emma Haines.
“Employers must pay super guarantee contributions for each eligible employee at least four times a year and the first quarterly contributions need to be paid by 28 October,” Ms Haines said.
“Employers can use the ATO’s online superannuation guarantee contributions calculator to work out how much super they must contribute for eligible workers.”
The superannuation guarantee increase has now been put on hold for seven years until 30 June 2021, and will not now reach 12 per cent until 1 July 2025.
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