21 Apr 2021
Compulsory Superannuation
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
Treasury published the Retirement Income Review – Final Report on the 20th November 2020.
The Federal Government attempted to use this document to argue that the compulsory 9.50% superannuation guarantee contribution (SGC) should not be increased to 12.00% because the higher SGC would come at the cost of lower wage growth.
The Federal Government has decided to give up on this argument and the increase in compulsory superannuation will proceed as legislated per the following timetable.
| Period |
Superannuation Guarantee Contribution
|
| 1 July 2020 – 30 June 2021 |
9.50%
|
| 1 July 2021 – 30 June 2022 |
10.00%
|
| 1 July 2022 – 30 June 2023 |
10.50%
|
| 1 July 2023 – 30 June 2024 |
11.00%
|
| 1 July 2024 – 30 June 2025 |
11.50%
|
| 1 July 2025 – 30 June 2026 and onwards |
12.00%
|
Source: ATO
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