Although not announced as part of this year’s Federal Budget, it’s important for employers to note that the superannuation guarantee (SG) rate will increase from the current 10.5% to 11% on 1 July 2023.
Employers will need to remember to update your payroll system to comply with this increase. The new SG rate applies to payments made to workers on or after 1 July 2023.
Super guarantee percentage
PERIOD GENERAL SUPER GUARANTEE (%)
|
1 July 2022 – 30 June 2023 |
10.5% |
|
1 July 2023 – 30 June 2024 |
11% |
|
1 July 2024 – 30 June 2025 |
11.5% |
|
1 July 2025 – 30 June 2026 |
12% |
- Details can be found on the Australian Taxation Office website.
- Contact Blackburn Accounting if you need help or advice with this or other accounting matters.
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