Plan for Super increases
Running a SME during a pandemic has meant keeping a careful eye on cashflow. As a result, little changes can have a big impact if we don’t plan ahead. One such change is the annual increase in Superannuation Guarantee Contributions over the next four years. Employer contributions started moving from 9.5% in 2020 and will increase gradually to 12% in 2025. This year on 1 July 2022, employer contributions move to 10.5%.
