Superannuation increase from 1 July 2024

Licensees who engage employees in their businesses are reminded that from 1 July 2024 the super guarantee rate increased to 11.5%, from 11%.

Employers will need to calculate super contributions at 11.5% of their eligible workers ordinary time earnings, for payments of salary and wages from 1 July this year. Super contributions for the quarter ending 30 June are still calculated at the 11% rate for payments made prior to 1 July.

The super guarantee rate is scheduled to further increase to 12% from July 2025.

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