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Superannuation Rate Changes
Although not announced as part of this year’s Federal Budget, it’s important for employers to note that the superannuation guarantee (SG) rate will increase from the current 10.5% to 11% on 1 July 2023.
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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.
Super guarantee percentage1
Superannuation Pay Day Changes
The Government will introduce legislation requiring employers to pay super on payday from 1 July 2026.
• Currently employers are required to pay the Super Guarantee on at least a quarterly basis.
• This timing will be changed so employers will be required to pay superannuation on the same day as payday.
• Employers in Australia pay salary and wages in a range of frequencies, such as weekly, fortnightly and monthly – and the super guarantee payments that correspond with that pay period will need to be made on the same day as the pay from 1 July 2026.
• Changes to the design of the SG charge will also be necessary to align with increased payment frequency. The Government will consult with relevant stakeholders on the design of these changes, with the final design to be considered as part of the 2024–25 Budget.
Proposed start date: 1 July 2026
