Sep 06, 2023 / News

SFMS / Superannuation / Superannuation Solutions Newsletter Edition 18

Compulsory super contribution rate increases to 11%

Clients should note that the compulsory super guarantee contribution rate has increased from 10.5% to 11%. The increased rate applies to salary and wages paid on or after 1 July 2023.

Planned future increases in the super guarantee rate are:

From 1 July 2024    11.5%
From 1 July 2025    12%

Clients should also remember that the $450 per month threshold under which super guarantee contributions did not have to be made was abolished from 1 July 2022. Contributions must be made for all employees aged over 18, regardless of how much they are paid.

There is still an exemption for employees under 18 who work less than 30 hours in a week, but employers must monitor the number of hours worked by these employees. Contributions must be made for all employees under 18 if they work more than 30 hours in a week, regardless of how much they are paid.

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.