Jun 13, 2023 Joel Hernandez
Super Guarantee increased rate from 1st July
Employers are reminded that the Superannuation Guarantee percentage will increase to 11% (up from 10.5%) from 1st July 2023. The Superannuation Guarantee contribution is worked out as a percentage of each eligible employee’s earnings (ordinary time earnings), and must be paid to a complying super fund or retirement savings account.
There are strict timing requirements for making payments, and stiff penalties where employers are late, so you are advised to pay close attention to these.
As we near 30th June, employers should remember to make super payments early, especially where they need to be processed via a clearing house. Super contributions must be received by the superannuation fund before 30th June to be tax deductible in the 2022/23 year.