AUSTRALIA'S largest accounting body, CPA Australia, is urging workers to check how next month's increase to the Superannuation Guarantee will affect them.
From 01 Jul, the minimum contribution that employers are required to make to their employees' superannuation funds will rise from 11.5 percent to 12 percent.
While the increase in the Superannuation Guarantee will have a positive long-term benefit to retirement savings, CPA Australia's Superannuation Lead, Richard Webb, recommended workers check if their employer is making the extra contribution, or whether it comes out of their total remuneration package.
"If your employment contract includes a total remuneration package including super, this could mean less take-home pay at the end of the month," he said.
"However, for those on award or enterprise agreements, your pay agreement is more likely to be a salary, which means the change will not affect your take-home pay.
"It's a good idea to check with your employer to see how they view the changes and what it means for you - otherwise, you might get a shock if your take-home pay is a little less than expected," Webb warned.
Superannuation payments will be included in the government's Parental Leave Pay scheme from 01 Jul.
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