The Superannuation Guarantee (SG) will increase to 10.5% from 1 July 2022. It will continue to increase progressively by 0.5% each year until it reaches 12% on 1 July 2025.
The ATO have published a table outlining the superannuation guarantee percentages.
When does the next increase take effect?
The next SG increase to 11% will take effect from 1 July 2023. The SG will increase progressively by 0.5% each year until it reaches 12% on 1 July 2025.
Removal of $450 per month threshold
In the last Federal Budget announcement, the Government removed the $450 per month minimum earnings threshold for SG contributions. This means that employees will be eligible for SG even if they earn less than $450 in a month.