From 1 July 2022, employers are generally required to contribute 10.5% of their employees’ ordinary time earnings into super. These are known as superannuation guarantee (SG) contributions.
SG contributions are employer contributions. These contributions are generally taxed at up to 15%1 in the fund and count towards your concessional contribution cap.
The 10.5% is legislated to increase by 0.5% each year financial year until it reaches 12% from 1 July 2025.
SG contributions can grow, along with earnings, to a sizeable sum of money over time. But you may still need more to achieve the lifestyle you want in retirement. To see whether you’re on track to funding your desired lifestyle, use our Retirement forecaster.
1 Individuals with income from certain sources above $250,000 in 2022/23 will pay an additional 15% tax on superannuation guarantee and other concessional super contributions within your concessional contribution cap.
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
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MLC Limited uses the MLC brand under licence. MLC Limited is a part of the Nippon Life Insurance Group and not part of the IOOF Group of Companies.