From 1 July 2023, the super guarantee (SG) rate increases from 10.5% to 11%.
You can find out more information here.
What does this mean?
- You will now pay employees a new rate of 11% for SG contributions
The ATO is working with digital service providers (DSPs) to make sure payroll software is updated in time. If you use a tax agent, they'll also be aware of these changes and able to assist you.
What do you need to do?
Check that your software is updated to correctly calculate your employees' SG entitlement from 1 July 2023.
If you use ICS NetSuite Payroll
If you use NetSuite ICS Payroll, this change will be implemented for you in the backend from 1 July 2023