14 Jun Get ready for super changes from 1 July 2022
Posted at Jun 14, 2022 1:58:05 PM in articles by yield advisory
As the new financial year approaches, employers need to be aware of two important super changes.
From 1 July 2022, employees can be eligible for super guarantee (‘SG’), regardless of how much they earn, because the $450 per month eligibility threshold for when SG is paid has been removed.
Employers only need to pay super for workers under 18, when they work more than 30 hours in a week.
Furthermore, the SG rate will increase from 10% to 10.5% on 1 July 2022. Employers will need to use the new rate to calculate super on payments made to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.
Employers should update their payroll and accounting systems to ensure they continue to pay the right amount of super for their employees.