As legislated, the compulsory Superannuation Guarantee rate increases from 10.5% to 11% from 1st July 2023. What does this mean to you? There will be no change to the value of the invoices we send you or your clients (if applicable). They will continue to be based on approved timesheets or set salaries and existing rates of pay. However, as all contracts state, the contractor’s rate is ‘inclusive of superannuation’, we will increase the superannuation deducted from each contractors’ base pay by 0.5% and remit the difference directly into their superannuation fund of choice. This increase in the Superannuation Guarantee rate is the third of five changes that will ultimately see the rate increase to 12% by 1st July, 2025. See the table here for details. Of course, if you have agreed to any alternative plans with the team at The Ayers Group, please ignore this reminder. And, if you have any questions, please feel free to contact our friendly team.