With the start of the new financial year, the Australian superannuation guarantee contributions (SGC) rate increases to 10%.
This will be effective from your first pay date after 1 July and you should see the changes on your first payslip of the new financial year.
Monash Health makes its payments into super accounts on a monthly basis one month in arrears, so you will start to see the increase to your super balance when the next payment is made.
This is the first of a series of increases the Australian government has approved with a 0.5% increase legislated each year until it reaches 12 per cent by 2025.
The second super change coming in for the new financial year is an increase in the concessional superannuation contributions.
For more information on these changes, speak to your financial advisor or read more from the ATO.
Approved by Stuart Donaldson