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Super guarantee changes for Australia

by activpayroll

June 2023

Rise in super guarantee rate

As of 1 July 2023, the super guarantee rate is set to rise to 11% for all eligible workers. This increase is part of a longer-term uplift in the super guarantee rate which is set to rise from 9.5% in 2021 to 12% by 2025.

Maximum super contribution base rise

The FY2023 limit will increase to $62270.

The maximum super contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. Employers do not have to provide the minimum support for the part of earnings above this limit.

If you’ve got any questions on income tax in Australia or are interested in doing business in the country contact us for more information and advice.

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