Hey friends! Is your business up to date with the current obligations surrounding superannuation? If not, it’s time to keep reading.
Today we’re diving into the world of superannuation, and trust us, it’s not as dull as it sounds! Buckle up for a quick ride through what you need to know to keep up with the current and upcoming obligations keeping your super game strong and your employees cheering.
Current Superannuation Guarantee
Currently, the superannuation guarantee rate is cruising at 11%. What does this mean? That as employers, you need to be contributing 11% of your employees’ ordinary time earnings to their super funds. Think of it as giving their financial futures a turbo boost! But it doesn’t stop there, this is scheduled to progressively increase over time.
Future Changes: 11.5% on July 1, 2024
Mark your calendars and hold onto your hat friends, because as of July 1, 2024 the Government is cranking it up a notch and increasing the super guarantee rate to 11.5%. Time to get those calculators revved and ready for the new rate! Employers are required to pay the super guarantee amount required by the quarterly due date, or the super guarantee charge must be paid. This included the unpaid super amount, interest, and an administration fee. Ensuring timely payments is not just about compliance but also about supporting your employees’ financial security.
With these changes in place, we’re sharing our top tips to help you stay on track (pun intended) around superannaution and how to stay compliant.
Mark key dates
Make a note of the rate changes and due dates in your calendar.
Review payroll systems
Ensure your payroll systems are updated to reflect the new rates.
Regularly check government websites
When in doubt, you can’t go wrong with the Australian Taxation Office (ATO) website, which always provide the up-to-date information you need on superannuation rules and obligations.
Engage with professionals
Regularly consult with professional advisors to ensure you’re aware of any changes that may affect your biz—and that’s where we come in! Your friendly neighbourhood bookkeepers are always here to help.
If you’re ready to kick your super game into high gear or just want to chat about your obligations in a fun and friendly way, we’re here to take you along for the ride.
Contact our friendly team here – for a chat that’s sure to leave you feeling super!