Superannuation changes 1 July 2022

Several key super changes came into effect on 1 July 2022 regarding superannuation contributions.

For Employers:

• The Superannuation Guarantee (SG) rate will increase to 10.5% p.a. for all
• The $450 minimum income threshold for SG contributions, will be removed
• Those under 18 must continue to work more than 30 hours in a week to be entitled to SG contributions

A key consideration employers need to get right prior to their first payroll run in just over a month’s time, is how they will be implementing the 0.5% increase. It is important to review employment contracts and ascertain whether the employee’s package is inclusive of, or excluding superannuation guarantee.

These discussions should happen now at management level so you can make the decision on how you will handle the increased SG, and then communicate this to your staff.”