Super Guarantee - Rate Increase from 1 July 2022
Super Guarantee is increasing from 10% to 10.5% from 1 July 2022
From 1 July 2022 the Superannuation Guarantee (SG) rate for employers will increase from 10% to 10.5%. Employers should ensure to update their payroll software and accounting system prior to their first pay event in July 2022 so that employees are paid super at the correct rate.
As well as the Super Guarantee rate changing the Australian Government has also announced that from 1 July 2022 the $450 threshold for employees will be removed, this means:
- All eligible workers aged 18 years or older are now entitled to receive Super Guarantee Contributions regardless of how much they earn or how many hours they work.
- Workers aged under 18 will generally receive Super Guarantee Contributions if they work more than 30 hours per week. Please contact us for further advice if you have any employees who are under 18.
Employers should also check that their employees will satisfy super guarantee eligibility requirements prior to their first payroll in July 2022 and ensure any employees who will be receiving their first Super Guarantee Contribution have nominated a Super Fund to receive the contributions. Details can be requested via an employees Stapled Super Fund or by filling out a Standard Choice Form.
If you would like further information, please contact us.
