Do You Have Employees?
All Employers’ including Small Business Owners must stay on top of their Employee Superannuation Contribution obligations.
If you don’t pay the minimum super contributions by the due date you must pay the Super Guarantee Charge which is essentially the same amount plus fees and NO TAX DEDUCTIONS are allowed.
Company Directors Take Note: If a company has not paid employees’ super the ATO can seek payment from the Director’s personal funds.
Super Contribution Rate Changes
The Mandatory Super Contribution rate increases to:
11% from 1 July 2023
11.5% from 1 July 2024
12% from 1 July 2025
Update your payroll system before making payments to workers on or after 1 July each year
Next Steps
Find out more about Beck Partners , Who We Are and What We Do at our website and feel free to contact info@beckpartners.com.au if we can be of any assistance.