As the new financial year approaches, there are some key superannuation changes to be aware of that come into effect from 1 July 2022.
What’s changing?
- Super contributions increase from 10% to 10.5%
- Eligible workers aged 18 years or older earning less than $450 a month before tax will be entitled to receive the compulsory super guarantee (SG) payment from their employees
How to prepare:
- Review your payroll and accounting systems, updating them to ensure that you continue to pay the correct amount of super for your employees.
- Ensure your employee’s information is correct and updated in your systems to ensure you have the correct details for EOFY.
- If you are unsure about your obligations, The Australian Taxation Office provides a Superannuation guarantee contributions calculator which helps you work out the SG amount you will need to pay.
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