Important changes to your super obligations
There are some important upcoming changes to super rules coming into effect on 1 July which you need to know about.
$450 monthly super threshold abolished
From 1 July 2022, employers will no longer be exempt from making super guarantee (SG) payments for employees who earn less than $450 (before tax) a month.
This change was proposed by the Australian Government when it handed down its annual Federal Budget on 11 May 2021.
Super guarantee rate increasing
From 1 July 2022, the SG rate will increase from 10% to 10.5%.
The new 10.5% SG rate applies to all ordinary time earnings (OTE) paid from 1 July 2022 to 30 June 2023. The 10% SG rate applies to all OTE paid from 1 July 2021 to 30 June 2022.
Still have questions?
At Spirit Super, we help you meet your super responsibilities quickly and easily, leaving you more time to spend running your business. If you have any questions, see How we support your business or call us on 1800 005 166.