Superannuation Guarantee rate increase to 11.5% on 1 July 2024

As we reach another EOFY, there are many changes on the horizon. One of these changes is the increase of the superannuation guarantee rate from 11% to 11.5%. This will apply to wages paid after 1 July 2024, and it is important that employers ensure their accounting software is updated for this new rate.

Depending on the set-up of your software, this change may be automatic.

Accounting packages like Xero have an option to set the superannuation guarantee percentage to be automatically updated to the legislated rate, so no manual updating of is required. If your accounting software is configured with a manually entered rate for superannuation, you will need to update the settings on 1 July 2024.

Regardless of the set-up, we recommend that you check the calculation of super guarantee on employee payslips when preparing the first payroll in the new financial year. This will ensure that super will be calculated at the correct rate for the full financial year of 2024/2025.