Superannuation Reminder for Employers

April 3, 2023

Tilak Khatri

You must pay super guarantee contributions for eligible employees. Super guarantee is in addition to salary and wages.

You will need to pay:

• a minimum amount of the current super guarantee rate (see table below) applied to their ordinary time earnings, but you can pay more
• into a complying super fund – in most cases, your employees can choose the super fund
• 4 times a year by the due date – if you don’t pay on time, you may have to pay the super guarantee charge which is made up of
  • the super you owe
  • interest on those amounts
  • an administration fee per employee, per quarter
• the SuperStream way, where super payments and information move through the system electronically.

You may be able to use the free Small Business Superannuation Clearing House to make super contributions for your employees. You provide the contribution information for all your employees and make a single electronic payment to the clearing house – the clearing house does the rest.

Current & Proposed Super Guarantee Rates

1 July 2022 – 30 June 2023                                               10.50%

1 July 2023 – 30 June 2024                                               11.00%

1 July 2024 – 30 June 2025                                               11.50%

1 July 2025 – 30 June 2026                                               12.00%

1 July 2026 – 30 June 2027                                               12.00%

1 July 2027 – 30 June 2028 and onwards                      12.00%

It will be interesting to see if these rates change in the next Budget.