The super guarantee rate is increasing

If your small business has employees, or hires eligible contractors, you'll need to ensure your payroll and accounting systems are updated to reflect the new super guarantee (SG) rate of 11% for payments of salary and wages you make from 1 July.

You need to calculate super contributions at 11% for your eligible workers for payments of salary and wages you make from this date.

Your super contributions for the current quarter (ending 30 June, due by 28 July 2023) are still calculated at the 10.5% rate for payments of salary and wages made prior to 1 July.

If you need help to work out how much super you need to pay for your employees and eligible contractors after 1 July, you can use our super guarantee contributions calculator.

The SG rate is scheduled to progressively increase to 12% by July 2025.

Remember, a registered tax professional can help you with your tax and super obligations.