Changes to Super Guarantee from 1st July 2022

Super Guarantee (SG) rate increases from 10% to 10.5%

As of the 1st July 2022, two important Super Guarantee (SG) changes will apply to businesses:

  • the Super Guarantee (SG) rate increases from 10% to 10.5%
  • the $450 per month eligibility threshold for when SG is paid is being removed.

How does this impact you?

 

For businesses:

  • You’ll need to make SG contributions at the new rate of 10.5%.
  • You’ll need to start making contributions to all employees, regardless of their remuneration amount. If the removal of the $450 threshold means you’ll be paying SG for one or more employees for the first time, you’ll need to give them a Standard Choice Form.

For employees:

  • You’ll start receiving more SG contributions from your employer at the new rate of 10.5%.
  • If you were earning below $450 per month, your employer should provide you with a Standard Choice Form, and you’ll start receiving super payment to your nominated superannuation fund.

For more information: https://www.ato.gov.au/Business/Super-for-employers/

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Suite 46-47, Level 3,
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 Mount Waverley 
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Phone
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Expert accounting and financial services tailored to your needs. From tax compliance to business consulting, we provide personalised solutions to help your business thrive.

Contact Info

Headquarters
Suite 46-47, Level 3,
Building 2,
1 Ricketts Road,
 Mount Waverley 
VIC 3149

Phone
1300 886 309

Copyright © 2024 | All Rights Reserved | Terms and Conditions