What is the superannuation rate?
The minimal amount of super that your employer is legally required to pay to your super is known as the superannuation guarantee rate, or SG rate. The superannuation rate will be 11% of your regular time wages as of July 1, 2023.
Your regular hours worked, over-award payments, shift loading, commissions, bonuses, and paid time off are all included in your ordinary time earnings.
Every quarter, or at least four times a year, your company must pay super for you. Your employer is required to pay the higher super rate if you are covered by an award or an employment agreement that is higher than 11%.
What is the current superannuation rate?
The current super guarantee rate is the minimum required by law. A higher payment rate to SG may be applicable based on a deal or award.
Multiply your employee’s OTE, which is based on salary and wages received in the quarter (before tax), by the SG rate to manually calculate how much super to pay for a quarter.
The applicable SG rate is determined by the date of payment to your qualified employees, not by the date of income produced. Use the rate you’re paying super at if it’s higher.
Calculate the superannuation for employees who began work during the quarter using any salaries and wages that were paid during that period.
Is there a cap on superannuation rate?
The upper limit on a single employee’s base pay for each quarter of a given fiscal year is established using the maximum super contribution base. For the 2023–24 fiscal year, the maximum contribution base for Superannuation Guarantee (SG) purposes is $62,270 per quarter.
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