Superannuation rate increases to 11%

If you operate a small business which has employees, or hires eligible contractors, you need to ensure your payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages you make from 1 July.

Super contributions for the quarter ending 30 June, due by 28 July 2023, are still calculated at the 10.5% rate for payments of salary and wages made prior to 1 July.

Further increases are scheduled, with the super guarantee going up over the next two years by 0.5 per cent until it reaches 12 per cent on July 1, 2025.

Other super changes

How we can help

If you need help with your tax and super obligations, contact your local TaxAssist Accountant.

TaxAssist Accountants can assist with:

Call us on 02 9608 3707 or contact us for a free initial consultation.

Last updated: 12th July 2023