Now that we are in the new financial year, employers need to ensure they are set up for two important super changes that came into affect on 1 July 2022:
1. employees were 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 has been removed.
Note, employers only need to pay super for workers under 18 when they work more than 30 hours in a week.
2. the SG rate has now increase from 10% to 10.5% as of 1 July 2022. Employers will now need to use the new SG rate to calculate super on payments they make to employees, 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.
Visit the ATO website to find out more.