Employers need to be aware of two important superannuation changes from 1 July 2022.
1: 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 has been removed.
However, for workers under 18, employers only need to pay super when they work more than 30 hours in a week.
2: 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 includes work done before 1 July.
Employers should update their payroll and accounting systems to ensure they continue to pay the correct amount of super for their employees.
We are here to help. If you would like to know more about the new superannuation changes or require assistance to understand your obligations as an employer, please contact our team on 03 9708 8801 or email firstname.lastname@example.org
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
Robinson Voss Financial Pty Ltd T/A Robinson Voss Partners is a Corporate Authorised Representative (No 001263089) of GPS Wealth Ltd AFSL 254 544 Australian Credit Licence 254 544 ABN 17 005 482 726. www.gpswealth.com.au