It’s done. The superannuation guarantee (SG) will increase to 10% on 1July 2021 – a rise of 0.5% from the current 9.5%.
This is the first of five legislated increases scheduled to take compulsory super – the minimum amount that a business must pay into a contractor’s super fund – from 9.5% of salary to 12% over five years.
So, here’s the thing. We all know that right now, it’s tough to attract any contractors – let alone the best. There just aren’t any around. So why not use this increase in Super contributions to your advantage.
Next time you re-sign your contractors, rather than leaving the total project price as it was, add the 0.5%. It won’t cost your business much, but it will say a lot to your contractors about how much you value their service and expertise. And that will go a long way towards building their loyalty towards you!
Super (and More) Made Simple
Now that we have certainty on changes to the superannuation guarantee, you’ll need to prepare your payroll and super reporting accordingly. And if managing the whole thing is getting too complicated, don’t hesitate to contact an expert at the Ayers Group. Our state-of-the-art payroll and back-office solutions can be customised to meet the needs of your business, and even white-labelled with your brand. Most importantly, we’ll help you manage all your contractor administration, including superannuation contributions, cost-effectively, with efficiency.
Ayers Can Help You Find a Solution.
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