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Superannuation rate increase

10/05/2024

With another super rate increase from 1 July 2024, make sure salary reviews are completed and your payroll is up to date. From 1 July 2024, the superannuation guarantee (SG) rate will increase from 11% to 11.5%, increasing the compulsory superannuation payments employers make to their employees. The 0.5% increment will continue on 1 July […]

Payday Super - Consultation crucial to avoid an administrative and penalty minefield

25/10/2023

Increased administration and difficult deadlines will be a strong focus of employer and stakeholder concerns as consultation opens on Treasury’s broad design plans for Payday Super.  As part of the 2023-24 Budget, the Federal Government announced that from 1 July 2026, super must be paid on payday, a change that will contribute towards a ‘dignified […]

Update on $3m super balance tax

11/10/2023

The Treasury released the highly anticipated draft legislation on superannuation. This affects superannuation balances above $3m with an increase in tax rate from 15% to 30% from 1 July 2025. Notably, the draft legislation allows negative earnings to be carried forward and offset against future years. Otherwise the Treasury’s proposal is largely unchanged from the […]

Employers note: disruption to ATO service or super payments later this month

03/06/2022

The SW team wish to advise you that the ATO’s Small Business Superannuation Clearing House (SBSCH) online service will NOT be available from 11:30pm on Saturday 25 June to 7:00am on Sunday 26 June 2022 AEST, due to scheduled maintenance. It is important to note, super payments can take up to 7 business days to […]

Superannuation changes 2022/23 webinar

21/04/2022

Are you and your business across the latest superannuation changes come 1 July 2022? With so much change going on for business, Sharon Burke and Janelle McPhee spent time running through the latest superannuation impacts that all businesses need to know before 1 July 2022. There were several modifications to superannuation designed to make it […]

Don’t get caught out by upcoming superannuation changes

07/04/2022

From 1 July 2022, there will be several changes to superannuation designed to make it easier for people to grow retirement savings and create opportunities for those who are younger, older and low-income earners. A number of changes are being implemented that will affect who is required to be paid superannuation, the Super Guarantee (SG) […]

Super choice rules will change from 1 November

17/09/2021

You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the Australian Tax Office (ATO). A stapled super fund is an existing super account of an employee that […]

SG minimum to increase 10% from 1 July 2021 - are you ready?

04/06/2021

The Superannuation Guarantee (SG) rate will increase to 10% from 1 July 2021 under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA) and will rise by 0.5% per year until it reaches 12% by FY 2025. Employers need to start planning now for the change in the superannuation contributions. Total remuneration package Where employees are […]

Superannuation rates and thresholds increase from 1 July 2021

27/05/2021

The latest AWOTE details released by the ABS have been used to calculate the following superannuation rates and thresholds for 2021-22. Contribution caps The concessional contributions cap is set to increase to $27,500 (up from $25,000 since 2017-18). As the concessional cap is now only indexed in $2,500 increments, the AWOTE index was (finally) sufficient […]