Employer Super Guarantee
As we roll over to the 2023 financial year, the Super Guarantee rate has increased by 0.5%. Employers are required to pay super at 10.5% of ordinary time earnings up to 30 June 2023. The following table shows the graduate increase to 12% by 2027 and onwards.
|Period||Super guarantee rate|
|1 July 2022 – 30 June 2023||10.50%|
|1 July 2023 – 30 June 2024||11.00%|
|1 July 2024 – 30 June 2025||11.50%|
|1 July 2025 – 30 June 2026||12.00%|
|1 July 2026 – 30 June 2027 and onwards||12.00%|
Removal of $450-a-month threshold before employee’s salary or wages count towards super guarantee.
Please ensure your payroll software settings are up-to-date with the above.
Members aged over 60
Reducing the minimum eligibility age for downsizer contributions from 65 to 60. Please check the Superannuation Fund Trust Deed before contributing.
No work test for superannuation contributions for individuals aged between 67 to 75 making non-concessional or salary sacrifice contributions. However, the work test must still be met to deduct personal super contributions.
Extending the bring-forward-rule for making non-concessional contributions to those aged 67 to 75.
First Home Super Saver Scheme
Increase the limit on maximum voluntary contributions eligible to be released under the First Home Super Saver Scheme from $30,000 to $50,000.
If you have any questions or concerns about how to deal with the above, please contact us.