Superannuation Changes

Superannuation Changes effected from 01st July 2023

As you are aware, the super guarantee charge (SGC) is 11% of Ordinary Time Earnings, up from 10.50% from 01st July 2023. You must already be aware that the $450 per month eligibility threshold was removed on 01st July 2022 so each employee must be paid SGC regardless of their salaries and wages with special rules in place for employees under 18 years of age unless they are working 30 hours or more per week.

There is a maximum super contribution base over which an employer do not have to provide the minimum super for the part of earnings above this threshold. This threshold is $62,270 per quarter for 2023-24 financial year.

Source: www.ato.gov.au