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Staying compliant with super guarantee rate increases

On 1 July 2023, the superannuation guarantee contribution rate increased from 10.5% to 11%. This is the minimum super amount you must pay all eligible employees from 1 July 2023. Learn more about your super obligations.

Set and forget the super guarantee rate

There's a calculation basis in your superannuation guarantee payroll category called Minimum Required Rate. This option caters for the 1 July rate increase and any future rate increases.

You'll see this new option in all super payroll categories where the Contribution Type is set to Superannuation Guarantee (expense). For example, you'll see it in your default super guarantee payroll category (Payroll > Payroll Categories > Superannuation tab > Superannuation Guarantee).

Example super guarantee payroll category with new option and contribution type highlighted

This option will display as Minimum Required Rate (10.50% of Gross Wages) before 1 July, but from 1 July onwards it'll display as Minimum Required Rate (11.00% of Gross Wages).

The Minimum Required Rate option means AccountRight will automatically calculate the correct amount of super for your employees based on the Payment Date in the pay run.

For example:

  • If the payment date is 30 June 2023 or earlier, a super guarantee rate of 10.5% is used.

  • If the payment date is 1 July 2023 or later, a super guarantee rate of 11% is used.

What do I need to do?

If you already have the calculation basis in your super guarantee payroll category set to Minimum Required Rate as shown above, there's nothing you need to do. The right amount of super will calculate in your employees' pays.

But if the calculation basis is set to anything else, it might mean you're paying a non-standard amount for your super guarantee contributions and you should check to make sure it's correct.

If you use multiple superannuation payroll categories, we recommend checking each of them to see if the Calculation Basis is set correctly. If you're not sure about the impacts of any super rate changes on your business, check with your accounting advisor or the ATO.