Although not announced as part of this year’s Federal Budget, it’s important for employers to note that the superannuation guarantee (SG) rate will increase from the current 10.5% to 11% on 1 July 2023.
Employers will need to remember to update your payroll system to comply with this increase. The new SG rate applies to payments made to workers on or after 1 July 2023.
Super guarantee percentage
| PERIOD | GENERAL SUPER GUARANTEE (%) |
| 1 July 2022 – 30 June 2023 | 10.5% |
| 1 July 2023 – 30 June 2024 | 11% |
| 1 July 2024 – 30 June 2025 | 11.5% |
| 1 July 2025 – 30 June 2026 | 12% |
Details can be found on the Australian Taxation Office website.