June 15, 2023

Reminder – Increase in Superannuation Guarantee Rate from 1 July 2023

As we approach the new financial year, the Superannuation Guarantee rate is set to increase from its current level of 10.5% to 11%. This positive change reflects the government’s commitment to improving the financial security of individuals during their retirement years.

The Superannuation Guarantee is a compulsory contribution made by employers on behalf of their eligible employees to a designated superannuation fund.

To ensure a smooth transition to the new SG rate, both employers and employees should familiarise themselves with the upcoming changes. Employers must update their payroll systems to reflect the increased SG rate, ensuring compliance with the legislation. Employees should review their superannuation contributions to ensure they are receiving the correct amounts.

If you have any questions about the upcoming SG rate increase please contact our office on 08 9387 5637.

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