Employers – Super Guarantee Change effective 1 July 2023
From 1 July 2023, the super guarantee rate for eligible employees rises to 11% (previously 10.5%).
Super guarantee is calculated on Ordinary Times Earnings and is payable for all eligible employees regardless of how much they earn (prior $450/month cap was scrapped from 1 July 2022).
If you are making a payment after 30 June 2023 for work done before 1 July 2023, you need to work out the amount of super guarantee based on when they are paid, NOT when they earned the income.
If you use computer software to prepare your wages, please ensure the correct rate of superannuation is being calculated. Depending on the software, you may have to manually update the rate used.
If you have questions in relation to the above, or any other matters, please do not hesitate to contact our office on 1300 620 345.