REMINDER: Super Changes from July 1 2023

Written by: Institute of Certified Bookkeepers

REMINDER: Super Changes From July 1 2023

Important changes to SG Super to be aware of from 1 July 2023

Superannuation Increase to 11%

From 1 July 2023 the Superannuation Guarantee increases from 10.5% to 11%.

Employers will need to ensure that their payroll and accounting software is updated to the new rate for the first payroll payment after June 30 2023.

Your contribution due dates remain the same, and remember, contributions must be in the Funds account by the due date.  We always recommend processing super contributions at least one week prior to the due date to avoid possible penalty.

Remember, you also need to pay super for employees under 18 who work more than 30 hours a week.

Each year, the Superannuation Guarantee will continue to increase until it reaches 12% on 1 July 2025.

1 July 2021 – 30 June 202210%
1 July 2022 – 30 June 202310.5%
1 July 2023 – 30 June 202411%
1 July 2024 – 30 June 202511.5%
1 July 2025 – onwards12%

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