As employers, you are no stranger to paying Superannuation Guarantee (SG) on your salaries & wages. Here are the key changes which come into effect from 1 July 2022. There are big penalties if you get it wrong!
- The SG rate increases from 10% to 10.5%
- Employers will need to pay super to employees who earn less than $450 per month, provided they meet other eligibility requirements.
- For employees under 18 years old, they will be eligible for super if they work more than 30 hours in a week, regardless of how much they’re paid.
- The maximum super contribution base increases from $58,920 per quarter to $60,220 per quarter.
- The SG opt-out income threshold will change from $275,00 to $261,905
- There will be a greater use of data matching and a stronger focus on SG/SGC debt recovery from the ATO.