Superannuation changes from 1 July 2022

As the new financial year approaches, employers need to be aware of two superannuation changes that could effect them:

1. The Superannuation Guarantee (SG) rate will increase from 10.0% to 10.5% on 1 July 2022.  Employers will need to use the new SG rate to calculate a superannuation payment they make to employees on or after 1 July 2022, even if some or all of the pay period is for work done before 1 July 2022;
   
2. The $450 per month superannuation eligibility threshold has been removed from 1 July 2022, meaning that employees can be eligible for superannuation guarantee regardless of how much they earn. 

It is recommended that employers upgrade their payroll systems to ensure the new laws are being followed.

​Any questions, please dont hesitate to contact us.