Superannuation increase incoming

From the 1st of July, the default base rate of superannuation will increase to 11.5 %. Alongside of this the stage 3 tax cut package will come into effect. The net result for most employees will be increased super and take home pay. If you use a modern accounting package these calculations will automatically be applied to your next payroll. However if you use any manual calculations, you will need to take this into account when processing your next payroll. Be sure to factor in this increase in wage cost in your next quarterly financial projections.

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Disclaimer

This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.