More money for your super
July 27th, 2023
Super Guarantee increase
Did you know that from 1st July 2023, the minimum amount your employer must pay into your super – known as the Superannuation Guarantee (SG) – has increased from 10.5% to 11%?
So if your annual salary is $50,000, you will receive 11% of $50,000 in SG payments – or $5,500 into your super this financial year. That’s an extra $250 towards your financial future.
And while it may not sound like much, over time any additional amounts going into your super can grow, thanks to investment returns and compound interest.
It’s part of the Government’s plan to gradually increase compulsory super to reach 12 per cent of people’s wages by 2025/26. It has been put in place to help Australians save enough money to achieve a dignified retirement.
Who is eligible?
Most people are eligible to receive SG as long as you’re 18 years of age or older (if you’re 18 or under, you need to work at least 30 hours per week). SG is generally paid for full-time, part-time and casual work, including for temporary residents.
How can I check it’s being paid?
Here’s how you can check you are being paid the correct amount, on time.
- Your employer must pay into your super quarterly, but they might even pay more regularly than this. Ask them how often they pay your super.
- Check how much SG you should receive. The IndustrySuper Calculator can help you calculate the amount based on your salary.
- Check your transactions on firstonline to make sure the payments have been made to your super account.
If your employer is not paying the compulsory 11% SG rate, speak to your payroll department.
If you need to, you can take things further by reporting this to the ATO.