As an employer… are you aware of the changes to superannuation for the 2025 financial year?

The big change for the 2025 financial year is the increase in the Superannuation Guarantee (SG) to 11.5%. This applies to all payroll paid from 1 July 2024. (Please note this will continue to increase by 0.5% per year until the 2026 financial year)

We expect all payroll software providers should incorporate these changes.

Concessional Contributions (before tax) limit has increased to $30,000.  Please note if your superannuation balance is below $500,000 as of 30 June 2024, you can contribute more by using any unused concessional contributions from the previous 5 years, under the limit.

Please note, as an employer, superannuation expenses are not tax deductible until they are paid and the money is received by the complying superannuation fund.  We encourage you to pay your June 2024 quarter superannuation contributions early and get a tax deduction in the 2024 financial year.

Superannuation Payment dates have not changed. However, as the superannuation rates are increasing it would be advisable to pay your employee superannuation at the same time you pay their wages. Superannuation is part of their remuneration.

Delaying your superannuation payment to the due date can potentially leave you short of cash at the wrong time. Making smaller payments as you go will have minimal impact on your cash flow.