We published an update in May, reporting on changes to the SGC rates under the Budget.
However, five months later, the proposed changes to rates have themselves been changed, as a result of negotiations between the government and the Palmer United Party senators in connection with the repeal of the mining tax.
The rate of 9.5% employer contributions which took effect on 1 July 2014 will now continue until 1 July 2021, instead of 1 July 2018.
The rate will then increase by 0.5% to 10% from 1 July 2021, and by 0.05% each year after that until it reaches 12% in 2025, rather than 2022 as previously planned.
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