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Starting from 1 July 2023, the minimum super guarantee rate will go up from 10.50% to 11.00%. This increase will be followed by further increments over the next four years.
If you employ people, it's important to ensure that your payroll and accounting systems are updated to accommodate this rate hike.
Xero automates superannuation rates
Fortunately, Xero automatically applies the correct superannuation rates. Similar to tax tables, the appropriate percentage of super guarantee will be applied based on the payment date of your pay runs.
Reviewing packages with the new rate increase
Employers might need to review the salaries of their employees, especially those who have packages that include superannuation. With the higher super guarantee rate, the take-home pay of these employees may decrease.
Need help?
If you're unsure whether you need to pay super to your employees or if you require assistance in calculating the amount of super you should pay, please get in touch with a member of your Procure team on (03) 9059 8137.
