Rohini chiluvuri, 3 JUL 2022
Super rate increase to 10.5% for financial year 2022-23
THIS ARTICLE APPLIES TO AUSTRALIA ONLY
The super guarantee rate for financial year 2022-23 is 10.5%. It was 10% in 2021-22, so that's a 5% increase. It will be the employer who pays the additional amount.
In financial year 2023-24, the super rate goes up to 11%, in 2024-25 it moves up to 11.5%, in 2025-26 it moves up to 12%, in 2026-27 it remains the same at 12%, and in 2027-28 it also remains the same at 12%.
If you want to read more about it on the Australian Taxation Office's website, you can click here.
Oh, and don't forget the super contributions for each of your employees are required to be paid on (at the very least) a quarterly basis. If you don't make the payments on time, you won't be able to claim the payments as a taxable expense.
If you liked this article, can I ask you to please share on social media and subscribe to my mailing list below. Thank you, it means so much to me to have people read my articles. Have a great day, Rohini.
The super guarantee rate for financial year 2022-23 is 10.5%. It was 10% in 2021-22, so that's a 5% increase. It will be the employer who pays the additional amount.
In financial year 2023-24, the super rate goes up to 11%, in 2024-25 it moves up to 11.5%, in 2025-26 it moves up to 12%, in 2026-27 it remains the same at 12%, and in 2027-28 it also remains the same at 12%.
If you want to read more about it on the Australian Taxation Office's website, you can click here.
Oh, and don't forget the super contributions for each of your employees are required to be paid on (at the very least) a quarterly basis. If you don't make the payments on time, you won't be able to claim the payments as a taxable expense.
If you liked this article, can I ask you to please share on social media and subscribe to my mailing list below. Thank you, it means so much to me to have people read my articles. Have a great day, Rohini.
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Rohini Chiluvuri
about the author
Rohini works for one of the world's largest companies (you probably used their service during the pandemic) where she is the Head of Payroll for Australia, New Zealand, and several countries in Asia. Rohini is a member of the Australian Payroll Association.
Please remember that Rohini is sharing her personal thoughts and opinions, not those of her employer. Articles may contain errors and omissions. The reader is advised to seek independent advice.
Rohini moonlights as a payroll blogger because she understands small business owners don't have the qualifications, skills, training, experience, and legal resources of corporations. To give back to the community, she has released this series of articles which hopefully make the complex and confusing world of payroll more accessible to Aussie business owners, so they can meet the primary goal of the payroll function which is to ensure each and every employee receives precisely the salary, wages, overtime, allowances, superannuation, and bonuses they are entitled to within the rules of their legal jurisdiction.
Please remember that Rohini is sharing her personal thoughts and opinions, not those of her employer. Articles may contain errors and omissions. The reader is advised to seek independent advice.
Rohini moonlights as a payroll blogger because she understands small business owners don't have the qualifications, skills, training, experience, and legal resources of corporations. To give back to the community, she has released this series of articles which hopefully make the complex and confusing world of payroll more accessible to Aussie business owners, so they can meet the primary goal of the payroll function which is to ensure each and every employee receives precisely the salary, wages, overtime, allowances, superannuation, and bonuses they are entitled to within the rules of their legal jurisdiction.
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