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Are You Ready for the Super Changes

October 18, 2022

We would like to remind you to ensure you update your payroll and accounting systems so that you continue to pay the right amount of super for your employees.

There are two important super guarantee (SG) changes that came into effect on 1 July 2022 that will apply to your business.

The changes are:

  • the rate of compulsory superannuation contributions is increasing from 10% to 10.5%
  • the $450 per month eligibility threshold for when superannuation guarantee is paid is being removed

These changes need to be applied to all the salary and wages paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.

All other eligibility requirements for super remain in place. For example, an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super.

What do employers need to do?

You need to make sure:

  • your payroll and accounting systems are up to date and include the recent changes to SG
  • you’ve calculated and paid the right amount of SG for all your eligible employees
  • you pay SG amounts in full by the due date.

You’ll have to pay the Superannuation Guarantee Charge if your total SG amounts for the period 1 July 2022 to 30 September 2022 aren’t received by your employees’ super funds by 28 October 2022.

We can help

If you are unsure about how the upcoming superannuation guarantee changes may affect your business, or for advice regarding other superannuation or payroll matters, contact the team on (07) 3217 2477.