HR Tips & Answers

THE SUPERANNUATION GUARANTEE INCREASE COMES INTO EFFECT FROM 1st JULY 2023 – ARE YOU READY?

Don’t forget that the rate of Superannuation Guarantee (SG) will increase from 10.5% to 11% from 1 July 2023!

The increased rate of SG applies to all wages paid on or after 1 July 2023, even if some, or all, of the pay period is before that date. 

In the coming weeks make sure that you check that your payroll/accounting software is set to calculate your employees’ correct SG entitlements from 1 July 2023.

You must pay Super for all eligible employees who receive a salary or wage payment no matter how much they earn; including employees under 18yrs who work more than 30 hours per week.

If you’re not sure who is an eligible employee follow the Australian Taxation Office link provided:  ATO Super for Employers & Eligibility

As you know at the moment there are lots of changes happening in the Industrial Relations and Employment space and sometimes it can be difficult for business to keep up with them.

So don’t forget you’re not alone; we’re here to help!  If you have any questions or need assistance with your processes please don’t hesitate to contact Leisa and the WorkBetter team on 02 6009 1000.

Published: Friday, June 16th, 2023
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