Superannuation rate TO rise

The superannuation guarantee rate is rising from 11% to 11.5 % on 1 July 2024 and then 12% on 1 July 2025.

The rate you use to calculate superannuation contributions will depend on which quarter you pay your employee(s).

This means you'll need to calculate your superannuation contributions at the rate of:

• 11% on all salary and wages you paid to employees before 30 June 2024
• 11.5% on all salary and wages you pay to employees on and after 1 July 2024; and a further
• 12% on all salary and wages you pay to employees on and after 1 July 2025.

Further, you will need to ensure your software is updated (you may need to do this manually) to reflect the change in the superannuation guarantee rate from 1 July 2024.

Article posted 22/02/2024