Last week the Government had its proposed changes to the Superannuation rates pass through Parliament and receive Royal Assent (though with some variation to the original proposal making the delay to the increase longer. The changes that have now passed mean that Superannuation will be frozen at 9.5% until 1 July 2021:
| Financial Year |
SG charge percentage |
|
|
NEW Changed Rates |
Previous rates |
|
| Year starting on 1 July 2014 |
9.5 |
9.5 |
| Year starting on 1 July 2015 |
9.5 |
10 |
| Year starting on 1 July 2016 |
9.5 |
10.5 |
| Year starting on 1 July 2017 |
9.5 |
11 |
| Year starting on 1 July 2018 |
9.5 |
11.5 |
| Year starting on 1 July 2019 |
9.5 |
12 |
| Year starting on 1 July 2020 |
9.5 |
12 |
| Year starting on 1 July 2021 |
10 |
12 |
| Year starting on 1 July 2022 |
10.5 |
12 |
| Year starting on 1 July 2023 |
11 |
12 |
| Year starting on 1 July 2024 |
11.5 |
12 |
| Year starting on or after 1 July 2025 |
12 |
12 |