WebThe current 10.5% rate is the minimum amount you must pay, although some industrial awards require a higher contribution. When making super contributions for employees covered by an industrial award, it’s important to ensure your contributions are sufficient to cover both the amounts required by the award and also the SG rules. WebJul 1, 2024 · Employer Superannuation Guarantee. From 1 July 2024 the amount of Superannuation Guarantee Contributions (SGC) that employers have to pay on their employees’ wages is increasing from 9.5% to 10%. And, will increase again from 1 July 2024 to 10.5%. Employers will need to ensure that their payroll systems are updated …

Paying Super To Employees: Things To Know

WebFor most employers, the SG rate you need to pay to an employee's super account is 10.5% of their ordinary time earnings (OTE) salary. This includes their ordinary hours of work, commissions, shift loadings, and allowances, but does not include overtime. To work out how much super to pay, you can use the Australian Taxation Office (ATO)'s SG ... Webchanges to superannuation contributions and the superannuation contributions base. Increases in the National Minimum Wage and modern award rates Effective 1 July 2024, the national minimum wage will increase by 5.2% to $21.38 an hour or $812.60 a week. brooks medical print shoes

Employer Super Contributions: What are the Rates?

WebAs an employer, one of your key responsibilities to your employees is making regular Super Guarantee (SG) contributions into their super accounts to help them save for their … WebOct 13, 2024 · In general, an employer must pay SG contributions for employees aged 18 to 69 years. Once an employee reaches the age of 70, an employer is no longer … WebThe superannuation guarantee rate is legislated to increase from 1 July 2024 to 10 per cent, an increase of 0.5 per cent. This has contributed to the higher indexation figure … brooks medical professional discount code