From 1 July 2022, two crucial super guarantee (SG) changes will apply to your business.
Here’s the Summary:
- 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 does this mean?
Essentially, from 1 July 2022, you will need to:
1. Make Super Guarantee contributions at a new rate, which will be 10.5%
2. Regardless of how much your employees earn, they can be eligible for Super Guarantee contributions. So you might have to pay SG for employees that you haven’t had to before.
What do you need to do?
MSI Taylor’s experienced team is across these changes, and helping to ensure you are compliant but there are some things you need to be aware of.
It’s essential to check your Accounting software to ensure it is updated to correctly calculate your employee’s Super Guarantee entitlement from 1 July 2022.
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.
If your employee does not provide you with a choice of super fund, review the Stapled Super Fund information on the ATO’s website for guidance on what you need to do next. A stapled super fund is an existing super account linked to an individual employee.
As always – if you have any questions or queries please reach out to MSI Taylor on (07) 3512 8888.