If you have employees or hire eligible contractors for your small business, it’s crucial to stay informed about the latest changes. Starting from 1st July 2023, the new Super Guarantee (SG) rate will be 11%. To ensure compliance, it is essential to update your payroll and accounting systems accordingly.

The increased rate of 11% applies to all SG payments made to both employees and eligible contractors. To avoid incurring the Super Guarantee Charge (SGC), it is vital that payments reach the employee or contractor’s super fund on or before the quarterly super due date of 28th July.

If you find it challenging to determine the precise amount of super you need to pay after 1st July, we’re here to help. Give us a call, and our knowledgeable team will gladly assist you. Alternatively, you can utilize the ATO superannuation guarantee contributions calculator.

It’s important to note that the SG rate will continue to rise gradually, reaching 12% by July 2025. As a responsible business owner, you can stay ahead of these changes by remaining aware and proactive.

Remember, if you require expert guidance, don’t hesitate to reach out to us. Our team of professionals is ready to assist you.

Stay compliant, stay informed, and ensure your business is ready for the upcoming changes in the Super Guarantee Rate!

*Please note that the provided link is currently valid and active as of 2 June 2023. However, it’s important to note that the ATO reserves the right to modify the location of their web page at their discretion.

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