Happy HR New Year – Superannuation Changes

Superannuation changes from 11% to 11.5% effective July 1, 2024.

If you pay a super-inclusive package, you will need to ensure you are correctly adjusting amount of superannuation being paid into each employee’s superannuation fund, and communicating appropriately the amount they receive as their take-home pay. Employers that pay a super-exclusive package will need to increase their employee superannuation contributions. Take advantage of the change to ensure that your employees understand their total package has just increased.

To discuss how total remuneration can set you apart from your competitors, contact us via email at info@impacthr.com.au or +1 300 474 672. If you have employees who contribute to their superannuation post tax, remind them of the potential to claim a deduction. Employees also need to complete a deduction form and get that into the superannuation organisation and get a response from the organisation before they lodge their tax return. Did you know that there is a superannuation guarantee limit? From July 1, 2024, if your employees earn more than $260,280, or $65,070 in a quarter, most employers will only have to pay superannuation to limit.

Before implementing the cap, it is important to check your industry award or EBA to ensure that there are no specific changes to your superannuation contribution requirements.