You just got used to 10%. Now super’s increasing to 10.5%
June 15th, 2022
On 1 July 2022, the amount of superannuation guarantee (SG) your employer should be paying you will rise to 10.5%. It’s all part of ongoing legislated changes to boost SG payments to 12% by 2025.
Here’s what this will look like over the next few years.
| Time period | SG rate |
|---|---|
| 1 July 2021 – 30 June 2022 | 10% |
| 1 July 2022 – 30 June 2023 | 10.5% |
| 1 July 2023 – 30 June 2024 | 11% |
| 1 July 2024 – 30 June 2025 | 11.5% |
| 1 July 2025 onwards | 12% |
Super’s going up – but are you being paid?
The SG rate is set by the government but paid by your employer. It’s a compulsory payment they must make for all eligible employees. So, how can you check your employer’s playing by the rules?
- Check your pay slip. The amount of super you’re earning should be on there
- Log into your firstonline member account to make sure your super is making it from your pay slip into your account. You’ll want to check your account regularly – just go to the Transactions section. At a minimum, your employer should make SG contributions every three months. So, for the three months to 30 June, you should see a payment in your account by the end of July.
If your SG isn’t being paid, speak to your employer in case they’ve made a mistake. If they’re not willing to help, call us to find out what you can do next.
You can check you’re earning the right amount of SG
Super is calculated as a percentage of your Ordinary Time Earnings (OTE). So that includes your standard working hours, shift loadings, bonuses etc. – but not overtime. If your working arrangement is non-standard, meaning your salary is often a bit different pay slip to pay slip, you can use the Australian Tax Office’s online tool to check how much super you should be receiving.
From 1 July the amount of super being paid on top of your salary/wages will go up. So, for example, if you’re being paid $2,000 per month, the super contribution would change from $200 per month (10% SG rate) to $210 per month (10.5% SG rate).
Be part of your contribution strategy
SG isn’t the only way to contribute to super. In fact, you can help grow your super balance yourself by making regular or occasional extra contributions like salary sacrifice or after-tax payments. Visit ‘Grow my super’ to find out more and get started.
Need help?
Contact the Member Services Team if you have any questions about your super contributions by calling 1300 360 988 (8am to 6pm weekdays – AEST) or emailing admin@firstsuper.com.au.