Figureworks would like to remind all clients that the compulsory super contribution rate is increasing from 9.25 to 9.5% on the 1st of July.
Cloud based accounting packages will change this automatically, and offline computer based systems require an update ‘patch’ to be downloaded and installed for this to work.
As well as being essential for all businesses to update their super contribution rate, it is highly recommended for companies to pay out as much super contributions as possible before the 1st of July to retain the lower rate for all super entitlements up until the end of this financial year.
The superannuation contribution rate will change frequently. The current plan is for the rate to increase until it reaches 12% in 2022. Figureworks Australia likes to remind clients of upcoming changes so they can avoid unexpected expenses.
If you require assistance in making these changes, please contact us
