From 1 July 2022, two important super guarantee (SG) changes will occur. These are:
- the rate of SG is increasing from 10% to 10.5%
- the $450 per month eligibility threshold for when SG is paid is being removed
What this means for an employer:
These changes mean that from 1 July 2022:
- you’ll need to make SG contributions at the new rate of 10.5%
- employees can be eligible for SG, regardless of how much they earn. You may have to pay SG for the first time for some or all of your employees.
The Australian Taxation Office is working with digital service providers (DSPs) to make sure payroll software is updated in time. Your JBC adviser is aware of these changes and will be able to assist you.
For more information click here or do not hesitate to contact your trusted adviser on (08) 6323 7000.
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