Superannuation Changes 1 July 2022
From 1 July 2022, employers are required to make super guarentee (SG) contributions for employees regardless of how much the employee earns.
This is because the $450 per month eligibility threshold for when SG is paid has been removed effective 1 July 2022. For employees under 18 years old, employers only need to pay super when they work more than 30 hours in a week.
The super guarantee (SG) rate will also increase from 10% to 10.5% on 1 July 2022. You’ll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July. The SG rate is legislated to increase to 12% by 2025.
Please make sure your payroll and accounting systems are updated so that you continue to pay the right amount of super for your employees.
If you need any advice on these changes and your Superannuation employer obligations, get in touch with us today.