What you need to know for your July 2023 payroll
The minimum percentage of superannuation guarantee employers are required to pay is set to increase over time, with the next increase to 11% due on 1st July 2023, plus an increase in the minimum wage is expected to be announced soon.
While Superannuation Guarantee payment for the June Quarter is not due until the 28th of July 2023, in order to get the income tax deduction in this financial year, the superannuation must have been paid through your bank account before the 30th of June and received by the actual fund by the 30th of June.
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