𝐖𝐡𝐚𝐭’𝐬 𝐧𝐞𝐰 𝐟𝐨𝐫 𝐒𝐮𝐩𝐞𝐫𝐚𝐧𝐧𝐮𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑𝐅𝐘?

As an employer are you aware of the changes to superannuation for the 2023 financial year?

The big change for the 2023 financial year is the increase in the Superannuation Guarantee (SG) to 10.5%. This applies to all payroll paid from 1 July 2022. (Please note this will continue to increase 0.5% per year until the 2026 financial year)

Historically unless your employee earned more than $450 per month, you had no superannuation to pay. From 1 July 2022, this is no longer the case. For all persons aged 18 years or older, every dollar you pay them in wages accrues the 10.5% Superannuation Guarantee.

Please note you only need to pay Superannuation Guarantee to a person under 18 years of age when they work 30 hours or more in one week. 

We expect all payroll software providers should incorporate these changes.

Superannuation Payment dates have not changed. However, as the superannuation rates are increasing it would be advisable to pay your employees superannuation at the same time you pay their wages. Superannuation is part of their remuneration. 

Delaying your superannuation payment to the due date can potentially leave you short of cash at the wrong time. Making smaller payments as you go will have minimal impact on your cash flow.