Super guarantee rate change scheduled

Get ready for a change in the super guarantee rate

The superannuation guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023.

Employers, remember to update your payroll system to align with these changes.

The new SG rate applies to payments made to workers on or after 1 July 2023.

The Superannuation Guarantee is a compulsory scheme that requires employers to provide a minimum level of superannuation support to their eligible employees.

Under this scheme, employers are required to make regular contributions to a complying superannuation fund or retirement savings account (RSA) on behalf of their employees. The current rate of SG contribution is set at 10% of an employee’s ordinary time earnings, with some exceptions for certain employees such as those under 18 years of age or earning less than $450 in a month.

The aim of the SG scheme is to help save for retirement and reduce reliance on the age pension. It also helps to ensure that employees are provided with a level of superannuation support throughout their working life, regardless of their employer or industry.

It is important to note that the SG scheme is separate from any additional voluntary contributions that an employee may choose to make to their superannuation account.

  • Refer to the ATO’s Super Guarantee Percentage table here »

Omnis Group Business Bookkeeping Support

Running your own business is time-consuming — who wants to spend their free time processing sales data, doing payroll, matching invoices to payments and generally doing the financial admin for your business?

Speak to us; we can offer you affordable, reliable bookkeeping services that not only ensure your financial data is up-to-date but also that it’s correctly coded saving you money on your end-of-year financial returns.  Contact us today for a no-obligation quote.

  • Peruse our Business Support Services here »