14 JulEmployer superannuation changes as of 1 July 2022
Some of your superannuation obligations have changed as of 1 July 2022, and it is essential to make these changes to avoid the superannuation guarantee charge.
Key changes from 1 July 2022:
- the $450 per month eligibility threshold is now lifted for all employees.
- the Superannuation Guarantee (SG) rate is now 10.5%.
What this means for you:
- your employees earning under $450 a month will attract superannuation – even if they work as little as once a month. However, different terms apply to employees under 18 years of age
- you’ll need to use the new rate of 10.5% 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 Superannuation Guarantee rate is legislated to increase to 12% by 2025.
If you have not already done so please ensure you update your payroll and accounting systems to continue paying the right amount of super for your employees.
For further information: CLICK HERE
