Did you know that the Superannuation Guarantee laws changed on 1 July 2022? We have summarised what you need to know below.
Reminder: SUPER GUARANTEE CHANGES 1 JULY 2022
Did you know that the Superannuation Guarantee laws changed on 1 July 2022?
Super guarantee rate increase
First of all, the superannuation guarantee rate has increased from 10% to 10.5%.
This will apply to any payments you make to employees from 1 July 2022. Your software should automatically update to the new statutory rate, but there’s no harm in checking to ensure the changes have been effected.
Removal of $450 threshold
The second thing that came into effect on 1 July 2022 is the removal of the $450 threshold for employees to earn super.
From 1 July 2022, this threshold has been removed and any wages paid to employees over 18 will automatically attract super.
Employees Under 18 years of age
For employees under 18 the $450 threshold has also been removed from 1 July 2022. However, they need to have worked at least 30 hours a week to be eligible.
For more information, please feel free to give us a call.