New Super Changes

As the new financial year approaches there are changes to who is eligible for super guarantee (SG) and how much you need to pay. 

From the 1st July 2022 employees can be eligible for super guarantee regardless of how much they are earning.  

The previous $450 per month eligibility threshold for when SG is paid is being removed. 

However, you only need to pay super for workers who are under 18 when they work more than 30 hours a week.

The super guarantee will also increase rom 10% to 10.5% on 1st July 2022. You’ll need to use this new rate to calculate super you make to employees on and after 1st July even if some or all of the pay period is for work done before 1st July.  

The SG rate is legislated to increase to 12% by 2025.

The ATO are now issuing super guarantee charges for late payment of employee super contributions and so we urge you to keep on top of the below dates.

  1. 1 July – 30 September – payment due date 28th October
  2. 1 October – 31 December – payment due date 28 January
  3. 1 January – 31 March – payment due date 28 April
  4. 1 April – 30 June – payment due date 28 July

For more information visit the ATO website

Speak to one of our Accountants now if you would like more information on 03 5975 0488.