There is about to be a significant change in the eligibility for super and how much you need to pay.
From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.
“The SG rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is legislated to increase to 12% by 2025.”
SG rate change
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.
Make sure your payroll software and accounting systems are updated so that you continue to pay the right amount of super for your employees. (#superannuation #retirement #superguaranteecharge).
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