Superannuation changes from 1 July 2022

Superannuation changes from 1 July 2022

From 1 July 2022, more employees will be eligible for the super guarantee, as the minimum earnings threshold will be removed.  Previously those eligible employees who earnt less than the $450 per month threshold were not required to have super guarantee paid by their employer.  Employers will only need to pay super for workers under 18 when they work more than 30 hours in a week.

From the same date the super guarantee rate will also increase from 10% to 10.5%.  Employers will need to use the new rate to calculate super on payments they make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.  The SG rate is legislated to increase to 12% by 2025.

 

 

 

 

 

 

 

Contributed by Mark Barson

 

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