Legislated increase to the super guarantee rate from 1 July 2023
It’s important for employers to remember that the superannuation guarantee (SG) rate will increase from the current 10.5% to 11% on 1 July 2023.
From 1 July 2023, the Super Guarantee will increase to 11%. It will continue to increase by 0.5% on 1 July each year until it reaches 12% in 2025.
Employers will need to remember to update your payroll system to comply with this increase. The new SG rate applies to payments made to workers on or after 1 July 2023.
Read the historical and projected super guarantee percentages from 1 July 2022 to 30 June 2028 and onwards here