This is a reminder that the compulsory Superannuation Guarantee rate increases from 10% to 10.5% as of 1st July 2022.
What this means for you; There will be no change to the invoice value to you or your client (where applicable), this will still be based on approved timesheets or set salaries on existing rates of pay.
What this means to a PAYG Contractor; As all contracts state the contractors rate is ‘Inclusive of Superannuation’ we will reduce the 0.5% from their base pay and remit into their Superannuation fund of choice instead.
Please ignore this communication if you have agreed to any alternative plans with the team.
Please note the attached table which highlights all planned Superannuation changes each year until 2025 – this is something to bear in mind for the future.
If you have any further questions, please do not hesitate to send us an e-mail at admin@lockwood.com.au or call us on 02 9299 7044.
Lockwood and Ward do not own the rights to this article. It is being shared to you for informative purposes. This article was created by The Ayers Group Pty Ltd who owns the copyright in this material. The original article can be located here.