What is maximum super contribution?
The maximum super contribution, specifically the concessional contribution, is $27,500 per financial year in Australia. This includes both employer contributions and salary sacrificed contributions. It’s important to note that any unused concessional contributions can be carried forward for a maximum of five years.
What is the maximum super contribution for 2023?
The maximum super contribution for 2023, specifically for Superannuation Guarantee (SG) purposes, is $62,270 per quarter. This represents the maximum limit on an individual employee’s earnings base for each quarter of the 2023-24 financial year. It’s important to note that this limit applies specifically to Superannuation Guarantee contributions and may be subject to change in subsequent years.
How can Workstem assist you?
Simplify your payroll management with Workstem’s automated payroll system. We handle easy payroll by integrating employment information, attendance, leave, payroll, tax, superannuation and more into one master file.
By automating the payroll process in accordance with Fair Work and EBAs, Workstem simplifies tasks such as overtime pay, allowances, loadings, and leave cashing out. The STP 2 reporting feature also enables businesses to comply with ATO.
Keep track of compliant payroll processing at its finest with Workstem, boosting efficiency and eliminating the need for tedious manual operations. Join us today!