Superannuation Guarantee Rate Changes
The superannuation guarantee (SG) rate increase from 1 July 2024 will see more employees entitled to additional SG contributions to their superannuation fund.
On 1 July 2024, the SG rate increased from 11% to 11.5%. In some cases, an employee’s pay period will cross over between June and July when the rate increases. However, the percentage employers must apply is determine based on when the employee is paid, not when the income is earned. The rate of 11.5% will need to be applied to all salaries and wages paid on or after 1 July 2024, even if some or all of the pay period relates to is before 1 July 2024.
This means that if the pay period ends on or before 30 June, but the pay date falls on or after 1 July, the 11.5% rate applies to those salary wages.
Most accounting software will automatically update the SG rate to the 11.5%, however employers should review to ensure that the correct rate is being applied.
