Superannuation Rate Changes

Superannuation Rate Rises to 11%

The superannuation guarantee (SG) rate increase from 1 July 2023 will see more employees (and some contractors) entitled to additional SG contributions to their superannuation fund.

On 1 July 2023, the SG rate increases from 10.5% to 11%. In some cases, an employee’s pay period will cross over between June and July when the rate increases. However, the percentage employers must apply is determined based on when the employee is paid, not when the income is earned. The rate of 11% will need to be applied to all salaries and wages paid on or after 1 July 2023, even if some or all the pay period it relates to is before 1 July 2023.

What happens if the pay period crosses over between June and July

On 1 July 2023, the SG rate increases from 10.5% to 11%. In some cases, an employee’s pay period will cross over between June and July when the rate increases. However, the percentage employers must apply is determined based on when the employee is paid, not when the income is earned. The rate of 11% will need to be applied to all salaries and wages paid on or after 1 July 2023, even if some or all of the pay period it relates to is before 1 July 2023.

This means that if the pay period ends on or before 30 June, but the pay date falls on or after 1 July, the 11% rate applies to those salary and wages.

Legislated SG Rates

Employers should prepare for ongoing annual increases to the SG rate over the next couple of years. The following already-legislated increases will proceed as follows:

1 July 2023 to 30 June 2024 - 11%

1 July 2024 to 30 June 2025 - 11.5%

1 July 2025 onwards - 12%

< Older Post

Newer Post >

What the new TASA legislation means for clients

By Cogger Gurry • October 6, 2025

Important Update: Our Terms and Conditions Have Been Updated

Understanding the Farm Household Allowance

By Cogger Gurry • October 1, 2025

Understanding the Farm Household Allowance (FHA) Support for Farmers Facing Hardship Farming is the backbone of our communities, but even the most resilient families can experience challenging times. From fluctuating markets to rising costs, drought, or simply the day-to-day pressures of running a farm, financial strain is something many farming households will face at some point. That’s where the Farm Household Allowance (FHA) comes in. This government-funded initiative is designed to provide vital financial support and professional assistance to farmers and their partners who are experiencing hardship — helping you not just get through tough times, but plan for a stronger, more sustainable future. What is the Farm Household Allowance? The FHA is a payment available to eligible farmers and their partners. It aims to provide: Financial support : Regular payments to help with essential household expenses. Professional assistance : Access to financial advice and farm improvement programs. Tailored services : Support designed around your unique circumstances. Future planning : A structured plan to improve your farm’s long-term viability and your family’s security. Why Apply? The FHA is more than just financial assistance. It’s about equipping farming families with the tools, advice, and resources to regain control over their financial future. Support includes: Regular payments to meet basic household needs. A farm financial assessment supplement of up to $1,500 to cover the fees of a qualified financial assessor. Guidance to help improve farm profitability and sustainability. Access to programs and services that can make a real difference in planning for the years ahead. Who Can Apply? To qualify for FHA, you must meet the following criteria: Be a farmer, or the partner of a farmer. Be 16 years or older. Contribute significant labour and capital to an Australian farm, or be the partner of someone who does. Have a farm enterprise with a significant commercial purpose or character. Meet income and assets test limits. Have received less than four years of FHA within a specific 10-year period. Income test : Your total income must be below the JobSeeker payment income test cut-off. $1,484 per fortnight for singles $2,745 per fortnight combined for couples Asset test : Your combined personal and farm assets must be below $5.5 million. Mutual Obligation Requirements Recipients of the FHA are required to: Complete a Farm Financial Assessment (FFA) to evaluate the farm’s financial position. Develop and follow a Financial Improvement Agreement , outlining actions to strengthen financial circumstances. The $1,500 supplement is provided to cover the cost of engaging a qualified financial assessor to assist with this process. Frequently Asked Questions Is the FHA only for those affected by drought or natural disasters? No. It’s available to any farming family experiencing financial hardship, regardless of the cause. Can I apply if I have significant assets but limited cash flow? Yes. As long as your combined personal and farm assets are below $5.5 million, you may still be eligible. How long can I receive FHA payments? You can receive FHA for up to four cumulative years within a 10-year period. What can the $1,500 financial supplement be used for? It’s designed to cover the cost of a qualified financial assessor completing the Farm Financial Assessment. How to Apply Getting started is simple. You can: Visit the Farm Household Allowance page on the Services Australia website . Call the Farmer Assistance Hotline on 132 316 (Monday to Friday, 8am–5pm). Or, contact CoggerGurry on (03) 5571 0111 — our team can guide you through the process and provide support tailored to your circumstances. We’re Here to Help At CoggerGurry, we understand the pressures that come with farming life. We’ve worked alongside farming families for decades, helping them navigate financial uncertainty and plan for long-term success. If you think you might be eligible for the Farm Household Allowance — or if you’d simply like to understand more about how it works — please get in touch with our team today. CoggerGurry Chartered Accountants 44 Gray Street, Hamilton VIC 3300 03) 5571 0111 reception@coggergurry.com.au

Understanding the new 20% student loan reduction

By Cogger Gurry • September 25, 2025

The Australian government’s promise to cut student loan debts by 20% has now become law. If you’re one of more than three million Australians who have a student loan, you’re probably wondering what this means for you and when you’ll see the benefits. The change applies to all types of student loans, including VET Student Loans, Australian Apprenticeship Support Loans, and even older schemes like the Student Financial Supplement Scheme. If you had an outstanding student loan debt on 1 June 2025, you’re eligible. The reduction is calculated on your debt balance as at that date, before the annual indexation was applied. Even if you’ve made payments since June or completely paid off your loan after that date, you’ll still receive the full 20% reduction based on what you owed on 1 June. If you’ve already paid off your loan since 1 June, the reduction might actually put your ATO account into credit, potentially resulting in a refund to your bank account (as long as you don’t have tax debts owing). If you’d already paid off your student loan completely before 1 June 2025, unfortunately you won’t benefit from the 20% reduction. The relief only applies to debts that existed on that date. The ATO’s responsible for applying the change, and is currently updating its systems to process these reductions. Most people should see their 20% reduction applied before the end of 2025. You don’t need to do anything to receive the reduction – it will be applied automatically. The ATO will notify you when it’s been processed, and you’ll be able to see your new lower balance through your myGov account or the ATO app. Don’t delay lodging your tax return while you wait for your changed loan balance to appear in your MyGov account. There’s no benefit in waiting, and you should continue with your normal tax obligations. Remember to update your bank details with the ATO if you’re expecting a potential refund, and if your loan gets paid off completely, don’t forget to tell your employer to stop withholding additional amounts from your pay. Please contact our office if you have any questions or queries - 03) 5571 0111