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.

Find out more, visit the ATO Website or contact us at solutions@dynamicfm.net.au