24 June 2022
Important changes to how much super you need to pay are now in effect.
You now need to pay super for all employees who are paid salary and wage payments, regardless of how much they earn. There is no longer a $450-per-month income threshold. However, employees under 18 will still need to work more than 30 hours in a week to be eligible for super.
This applies for all salary and wage payments from 1 July, including payments where some or all of the pay period relates to work done before 1 July.
The super guarantee rate has also changed. You’ll need to calculate super at 10.5% on salary payments you make to employees on or after 1 July.
Make sure you’ve updated your payroll and accounting systems so that you continue to pay the right amount of super for your employees and avoid penalties.
Remember, your registered tax or BAS agent can help you with your tax and super payments.
Related news items
From 1 July 2022 the $450 per month threshold for super eligibility won’t apply.
From 1 July 2022, the super guarantee rate will increase from 10% to 10.5%.
Grow your knowledge on paying super to get it right every time.