{"id":16829,"date":"2021-02-19T15:46:41","date_gmt":"2021-02-19T04:46:41","guid":{"rendered":"https:\/\/adviceco.com.au\/?p=16829"},"modified":"2023-05-08T11:51:28","modified_gmt":"2023-05-08T01:51:28","slug":"will-the-compulsory-increase-to-super-go-ahead","status":"publish","type":"post","link":"https:\/\/adviceco.com.au\/will-the-compulsory-increase-to-super-go-ahead\/","title":{"rendered":"Will the compulsory increase to super go ahead?"},"content":{"rendered":"\n<p>At this stage, yes. But an announcement of a different kind would not be a surprise to the business community given recent economic pressures.<\/p>\n\n\n\n<p>The government has indicated that its priority is to create jobs and protect businesses.<\/p>\n\n\n\n<p>Superannuation contributions from employers are currently legislated to increase in small increments up to 12% in 2025. This July, contributions are due to increase to 10%:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td><strong>Period<\/strong><\/td><td><strong>General super guarantee (per cent)<\/strong><\/td><\/tr><\/thead><tbody><tr><td>July 1, 2002 &#8211; June 30, 2013<\/td><td>9<\/td><\/tr><tr><td>July 1, 2013 &#8211; June 30, 2014<\/td><td>9.25<\/td><\/tr><tr><td>July 1, 2014 &#8211; June 30, 2021<\/td><td>9.5<\/td><\/tr><tr><td>July 1, 2021 \u2013 June 30, 2022<\/td><td>10<\/td><\/tr><tr><td>July 1, 2022 \u2013 June 30, 2023<\/td><td>10.5<\/td><\/tr><tr><td>July 1, 2023 \u2013 June 30, 2024<\/td><td>11<\/td><\/tr><tr><td>July 1, 2024 \u2013 June 30, 2025<\/td><td>11.5<\/td><\/tr><tr><td>July 1, 2025 \u2013 June 30, 2026<\/td><td>12<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>In 2020, 3 million Australians removed $36billion from their superannuation accounts through the early release scheme. While some of these funds were for emergency purposes, some reports suggest that funds were used for discretionary purposes.<\/p>\n\n\n\n<p>Chartered Accountants ANZ has called for further protection of the superannuation system and an improved economic position before businesses are required to make further compulsory contributions during this period of economic uncertainty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At this stage, yes. But an announcement of a different kind would not be a surprise to the business community given recent economic pressures. The government has indicated that its priority is to create jobs and protect businesses. Superannuation contributions from employers are currently legislated to increase in small increments up to 12% in 2025.&hellip;<\/p>\n","protected":false},"author":1586,"featured_media":16830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,38],"tags":[43],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will the compulsory increase to super go ahead? - AdviceCo.<\/title>\n<meta name=\"description\" content=\"AdviceCo Chartered Accountants and Financial Planners provide advisory services in business development, tax transactions and personal wealth to Australians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adviceco.com.au\/will-the-compulsory-increase-to-super-go-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will the compulsory increase to super go ahead? 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