Upcoming Super Cut-off dates and Statutory Increase

Superannuation Deduction Cut-off Dates:

If you plan to claim a deduction for any superannuation accrued in the June quarter of this financial year, it is crucial that the payments are processed by your super funds on or before 30 June 2023.  Kindly be aware that Xero’s auto super cut-off date is set for 2:00 AEST on 14 June 2023. Superannuation payments processed after this cut-off date but before July 28 will still be deductible.  However, the deduction will be claimed in the 2024 financial year.

Super Guarantee Increase:

Starting from 1 July 2023, the Super Guarantee will rise from 10.5% to 11%.  This increase will be applicable to any pay run with a payment date on or after July 1, 2023, even if the hours worked relate to a period before that date.