As legislated, the compulsory Superannuation Guarantee rate increases from 10.5% to 11% from 1st July 2023. What does this mean to you? As your contract states, your rate is ‘inclusive of superannuation’ so, from 1st July 2023, we will take an additional 0.5% from your base rate and remit it into your 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 below for details. What do you need to do? Unless you’ve agreed to an alternative plan with the team here at The Ayers Group, there’s nothing you need to do. However, if you have any questions, please feel free to contact our friendly team.