- An employer?
At a glance:
- The super guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023.
- Update your payroll systems to align with the increase; the new SG rate applies to payments made to workers on or after 1 July 2023.
- Contact us if you require clarification or advice.
Some pointers about superannuation guarantee percentage increase
1. The super guarantee (SG) rate will increase from 10.50% to 11.0% on 1 July 2023.
2. The new SG rate applies to payments made to workers on or after 1 July 2023, so employers should update their payroll systems to align with the change.
By how much will the super guarantee percentage increase?
The general super guarantee (%) will be increasing as follows:
- 1 July 2023 – 30 June 2024 = 11.00%
- 1 July 2024 – 30 June 2025 = 11.50%
- 1 July 2025 – 30 June 2026 onwards = 12.00%
When are SG contributions paid?
Your contributions for each employee are required to be paid on at least a quarterly basis.
- Quarter 1, 1 July – 30 September
- Quarter 2, 1 October – 31 December
- Quarter 3, 1 January – 31 March
- Quarter 4, 1 April – 30 June.
Contact us if you require clarification or advice
Remember: Update your payroll systems to align with the upcoming SG increase.
This article was published on 30/05/2023 and is current as at that date
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