We would like to remind businesses that have employers, or who hire eligible contractors, to ensure that their payroll and accounting systems have been updated to reflect the new superannuation guarantee rate of 11% for all salaries and wages that are recorded from 01 July 2023.
Businesses need to ensure that they calculate the superannuation contributions for all eligible workers at 11% for salaries and wages paid from this date.
Superannuation contributions made for the quarter ended 30 June 2023 (which are due for payment prior to 28 July 2023) should still be calculated at the previous rate of 10.5% rate for salary and wages paid prior to 01 July 2023.