The super guarantee rate is increasingThe super guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. Update your payroll systems to align with this change. The new rate will apply to payments made to workers on or after 1 July 2023.

On 1 July, 2018, the downsizer contribution was introduced. This allows eligible individuals to contribute up to $300,000 from the proceeds of the sale of their home, without impacting contribution caps. As part of the 2021-22 federal Budget, the Treasurer announced that they will reduce the eligibility age for downsizer contributions from 65 to 60 […]

As part of the 2021-22 federal Budget, the Treasurer announced that they will remove the $450 per month threshold on superannuation guarantee eligibility. This was given royal assent last month and passed into law. From 1 July, 2022, employers will be obliged to make superannuation guarantee payments to employees who earn less than $450 per […]

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., nondeductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring forward’ rules are applicable) […]