As the old adage goes – change is the only constant in life, and that’s certainly been the case for super guarantee (SG) in 2021.

To help you keep up-to-date, here are the facts on key changes to paying super for your employees:

• 1 January: the law about employees and their choice of super changed. Now, all workplace determinations and enterprise agreements made on or after this date must give employees the right to choose their super fund. They can do this by completing the standard choice form and submitting it to you.
• 1 July: the SG rate increased from 9.5% to 10%. This means you’ll need to calculate SG contributions at 10% on payments made to employees on or after 1 July 2021. You may need to update your payroll and accounting systems to incorporate the new rate.
• 1 November: from this date, you may need to request details of a ‘stapled super fund’ from us for new employees who don’t choose a super fund. A stapled super fund is an existing super account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.

More information on these changes, plus working out if you need to pay super, setting up super for your business and missed and late SG payments is available on our website.

Remember, registered tax agents can help you with your tax.

If you need some guidance for your business, feel free to drop us a message so we can schedule a one-on-one consultation.

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