Good afternoon,
I have a question. I am a shift worker and my current payroll dates are 17/06/2024-30/06/2024
This payroll will be processed after 01/07/2024 what super percentage does my employer have to pay on this period? is it the 11% or 11.5%?
Good afternoon,
I have a question. I am a shift worker and my current payroll dates are 17/06/2024-30/06/2024
This payroll will be processed after 01/07/2024 what super percentage does my employer have to pay on this period? is it the 11% or 11.5%?
Hiya @tanya1409 👋
ATO's rules for tax and super aren't like the Fair Work rules for remuneration where the timesheet dates dictate the rate.
For tax and super purposes, there is only one date that matters: the date of payment!
Any amounts paid on or after 1 July 2024 will be taxed as per the new tax tables and super will be calculated at the new rate of 11.5%.
This is how it has ALWAYS been: payment date dictates tax and super rates.
Deanne
It would be 11% as your pay period is before the 1st of July
Hiya @tanya1409 👋
ATO's rules for tax and super aren't like the Fair Work rules for remuneration where the timesheet dates dictate the rate.
For tax and super purposes, there is only one date that matters: the date of payment!
Any amounts paid on or after 1 July 2024 will be taxed as per the new tax tables and super will be calculated at the new rate of 11.5%.
This is how it has ALWAYS been: payment date dictates tax and super rates.
Deanne
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