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  • Writer's pictureReuben Bergola

How the New Superannuation Rate Rises will effect your SMSF

Super Guarantee Rate Rises in July to 11%

In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%.

Our Gold Coast SMSF Specialist recommend to prepare Now for the July Rate Rise

Super Rate Rise to 11%

  • Review your current superannuation costs for all employees, both hourly and salaried.

  • Review any salary packaging arrangements. Is the agreement inclusive of superannuation or is super paid on top of the agreed salary?

  • For salary packages inclusive of super, you will need to check the contract's wording to make sure you apply the changes correctly. This change may also impact annualised salary arrangements.

  • Calculate your revised payroll costs from July, showing the current wages and superannuation expense compared to the new rate from July. Highlight the increased amount per month or quarter, so you know precisely what the impact will be.

  • Discuss the super rate increase with your employees now. Let them know that there will be an increase of 0.5% each year from now until July 2025 when the statutory rate will reach 12% and remain there.

  • Remember – short payment or late payment of super can incur hefty penalties – plan now for higher payroll expenses from July, so you don't get caught short.

If you’d like help reviewing the impact on your SMSF, talk to us now, and we'll make sure you have accurate reports to make planning for the rate rise easy.

Getting organised now means that you'll be well prepared for your business's increased costs when the first payment is due later this year.

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Looking for more information or help with Self Managed Superannuation Funds? Our Gold Coast SMSF Accountants and Financial Planners can help you!

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