Employers: New Super Guarantee Rate now Applies
The Australian Taxation Office has reminded employers they need to increase the compulsory minimum super payments they make on behalf of eligible employees.
Emma Haines, ATO assistant commissioner said the super guarantee rate increased from 9.25 per cent to 9.5 per cent on 1 July this year.
“Super contributions are calculated on the date you pay your employees. If this date was on 1 July or after, then you will need to use the new super guarantee rate,” Ms Haines said.
“Employers can use the ATO’s online superannuation guarantee contributions calculator to work out how much super they must contribute for eligible workers.”
Small businesses are encouraged to use the ATO’s free Small Business Superannuation Clearing House service to help meet their super guarantee obligations. The Small Business Superannuation Clearing House lets you pay your superannuation contributions in one transaction, to a single location; helping to make the process easier.
“If you have 19 employees or fewer, you can use this free service to pay your super contributions in one transaction,” Ms Haines said.
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