Dear Business Owners,
We’re getting in touch with some important updates regarding the amount of super you will be required to contribute for your employees as of 1st July 2022.
The ATO has indicated two important changes to the Super Guarantee (SG), effective July 1st, 2022.
Firstly, the rate of super guarantee will be increasing from 10% to 10.5%. This is the percentage you’re required to contribute to each employee’s superfund.
Secondly, the $450 per month eligibility threshold for paying the super guarantee is being removed.
What does this means for you as a business owner?
You’ll need to make SG contributions at the new rate of 10.5%.
Employees will be eligible for SG regardless of how much they earn.
There will be no threshold of any amount moving forward. This means the new SG rate will be payable to all employees, even those you have historically never contributed superannuation for. The ATO will be updating their payroll software, as well as online tools and calculators in time for the new
FY revisions. We will be here to guide you through the updates as well as assisting with any programs you use.
We will reach out with more specific software updates in the coming weeks, to ensure all employees entitlements are in line with the new standards.
For those new employees whom you will be paying SG for the first time, please give them a Standard Choice Form to fill out.
As always, we’re here for any questions or queries you may have. Get in touch with your account manager or send us an email to firstname.lastname@example.org
Tony Cerantonio & the Forensic Accounting Group Team.
+61 3 5280 8432 (VIC)