ClubCOLLECTIVE July 2023
On 1 July, a super moment happened for Australia. The Superannuation Guarantee (SG) is increased to 11%. This means most employees will receive more super each year.
What the rise in the SG means for your club
While the rise is a huge help for people’s retirement, we understand it may be an additional financial commitment for some businesses.
The key change to your business is that you will need to pay workers 11% super. This may impact your payroll. You can still pay super via a clearing house if that’s your preferred method.
Some employees may be concerned the SG increase means lower wages, and because there are a wide range of employment agreements, this can vary. Providing clarity to employees about the impact the SG increase will have on their employment agreement and wages will help them understand the changes.
Helping inform your employees:
- Tell them about the change from 10.5% to 11% super.
- Encourage them to check their payslips and super contributions. If your employees aren’t sure where their super is paid, they can log into myGov and go to the ATO section.
- Remind employees that if they use the AustralianSuper app they will receive a notification every time a contribution is made into their super account, and it makes it easy to keep track.
For more information, you and your employees can read this article about how the increase in SG will have a positive impact on super savings for retirement.
Contact Information
Name: Shane Skeen
Title: Business Partnership Manager
Mobile: 0417 248 628
Email: sskeen@australiansuper.com
Website: https://australiansuper.com
