Reminder – Superannuation Guarantee Increasing
Starting from July 1, 2023, the super guarantee rate for payments of salary and wages will increase to 11%.
To ensure compliance, businesses must calculate super contributions at the new rate of 11% for eligible workers for payments of salary and wages made from this date.
Please note that super contributions for the quarter ending June 30, 2023, are still calculated at the previous rate of 10.5% for payments made prior to July 1.
It is crucial for businesses to promptly adjust their systems to reflect the updated super guarantee rate. Failing to do so may result in non-compliance and potential penalties.
Keeping accurate records and making the necessary adjustments will help ensure that your employees’ super contributions are correctly calculated and reported.
To stay on top of these changes, businesses should review their payroll and accounting processes, consult with their payroll providers if necessary, and communicate any updates to their employees or contractors. By proactively addressing the new super guarantee rate, businesses can avoid any issues and maintain compliance with their superannuation obligations.
Remember, the super guarantee rate increase to 11% came into effect on July 1, 2023, and businesses need to update their payroll and accounting systems accordingly. Don’t forget to calculate super contributions at the new rate for payments of salary and wages made on or after this date. Act now to ensure a smooth transition and remain compliant with the latest superannuation requirements.
If you have any inquiries or need support regarding your superannuation, feel free to reach out to us at 1800 618 800 or via email at admin@simmonslivingstone.com.au. Our team is dedicated to assisting you in navigating the intricacies of the tax system and ensuring that you fulfil all your obligations promptly.
