From 1 July 2024 the superannuation guarantee rate will increase from 11% to 11.5%.
As an employer, it is compulsory to pay your eligible employees super guarantee (SG) at least 4 times a year.
SG Contribution Quarters
|
Quarter |
Period |
|
1 |
1st July – 30 September |
|
2 |
1st October – 31st December |
|
3 |
1st January – 31st March |
|
4 |
1st April – 30th June |
The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA).
The minimum SG rate you must pay for each eligible employee is scheduled to progressively increase to 12% on 1 July 2025.
|
Period |
General super guarantee (%) |
|
1 July 2023 – 30 June 2024 |
11.0 |
|
1 July 2024 – 30 June 2025 |
11.50 |
|
1 July 2025 – 30 June 2026 |
12.00 |
|
1 July 2026 – 30 June 2027 |
12.00 |
|
1 July 2027 – 30 June 2028 and onwards |
12.00 |
If you don’t pay the required SG amount by the quarterly due date, you must pay the super guarantee charge.
Detailed information about the Super Guarantee changes can be found on the ATO Website
For further information, please contact your Optimal Workforce Consultant, on admin@optimalworkforce.com.au or 02 8077 7030. who will direct your enquiry to the relevant member of our Team.
