As legislated by the Australian Federal Government, the Superannuation Guarantee (SG) rate will be increasing to 12% on 1 July 2025, the final proposed increase in a series of 0.5% increases since 2021.
Prior to the increase, it’s important to inform employees of the rate change well in advance of July, as well as in a few cases, any potential changes to their take-home pay. Speak to your trusted business advisor about how to best manage this process and start having these conversations as early as possible.
The ATO have not advised of any grace period for employers to comply with the new SG obligations and have indicated that employers who do not meet the requirements on time may have to pay them a Superannuation Guarantee Charge (SGC) to rectify any mistakes. This charge is made up of SG amounts owing to their employees, plus interest and ATO administration fees.
Employers who do not make the correct SG payments to the correct super fund will need to report and rectify missed payments through an SG statement to the ATO, so it is important to manage this change effectively and on time.
These changes can create additional work for payroll staff and incur financial impacts for employers, so preparation is vital. Instructions on how to update SG rates in Sybiz Visipay are below and will also be covered in our annual end of financial year webinar in June. If you need further assistance, please reach out to your Sybiz Authorised Business Partner.
How to update superannuation in Sybiz Visipay from version 23.10
A Staff Type import facility is now available, making the update easier to perform. In Sybiz Visipay select Utilities > Export > Employee Data and select to Export From: Staff Types and step through the wizard. Make the relevant changes and save the changes.To update the superannuation settings for the staff types, select Utilities > Import > Employee Data and select to Import To: Staff Types and step through the wizard. You will need to make the change after you have completed processing in 2024/25 and prior to processing your first pay in the 2025/26 financial year.
