Your super contributions for the current quarter (ending 30 June, ATO legislative due date 28 July) are still calculated at the 10.5% rate for payments of salary and wages made prior to 1 July.
From 1 July, the SG rate will increase to 11% and applies to payments of salary and wages made from this date forward.
The rate will then continue to increase by 0.5% each financial year until it reaches 12% on 1 July 2025.
We encourage you to update your payroll and accounting systems to reflect the new SG rate of 11% for payment of salary and wages you make from 1 July.
Each year the government sets a quarterly cap on the amount of an employee’s income on which their employer must make SG contributions, known as the MSCB.
The MSCB limit for 2023-34 has been set at $62,270 per quarter.
Please note from 1 July, if an employee earns above this limit in a particular quarter, employers are not required to make SG contributions for the part of the earnings over this limit.
We're here to help. For more information on how to best manage your super obligations, please visit our employer page.
*Visit ato.gov.au for further information.