A "flat lay" view of a July calendar page on a wooden tabletop. The calendar shows the date of the 1st of July circled along with the words "SG = 11%" written in red. A notebook, pencil and a succulent in a square ceramic planter are also sitting on the wooden table

Tomorrow: SG increasing to 11%

A quick reminder that starting tomorrow, Saturday the 1st of July 2023, the Superannuation Guarantee (SG) rate will increase to 11%, up from 10.5% currently.

The Superannuation Guarantee is a vital component of every employee’s retirement savings, and this increase reflects the ongoing commitment to boosting Australians’ financial security in their post-work years.

The new SG rate of 11% applies to the compulsory contributions that employers are required to make on behalf of their eligible employees. These contributions are calculated based on a percentage of the employee’s ordinary time earnings. It is therefore important to ensure that your payroll systems and processes are prepared to accommodate this change, so that you remain compliant with your employer obligations.

Anyone using Xero won’t need to worry about making any changes to their system, as the software will automatically update itself for you.

MYOB offers a similar feature provided your system’s settings are using the calculation basis “Minimum Required Rate”

For anyone who might need to adjust their systems manually, please ensure you do that before you next process payroll to ensure the change is reflected in your various calculations.

We understand that keeping up with regulatory changes can be overwhelming, so if you need help, please don’t hesitate to let us know. We’re here for you.

Tonight’s the Night!

We are coming to you from Sydney today, the location of tonight’s 2023 accountantsdaily Australian Accounting Awards. As we mentioned previously, Jody is a finalist in the ‘Public Accountant of the Year’ category, and incredibly honoured and excited to be attending tonight’s awards ceremony in the company of so many of our awe-inspiring peers.

We will share a few behind-the-scenes snaps to our Instagram stories, so if you aren’t already following us there, please do! You can find us at @uptodate_accounting

You’ll then hear more from us about the awards night in a future email.

Wish us luck!!