New financial year, new super guarantee obligations
The super guarantee (SG) threshold is being abolished
From 1 July, the $450 a month SG threshold is being abolished. This means that employers will no longer be exempt from making SG payments for employees who earn less than $450 (before tax) a month.
The super guarantee rate increasing
The super guarantee (SG) rate will also increase from 10% to 10.5% on 1 July 2022. You'll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.
Make sure you update your payroll and accounting systems so that you continue to pay the right amount of super for your employees.
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.
Advice on Spirit Super is provided by Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) and issuer is Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913). Consider the PDS and TMD at spiritsuper.com.au/pds before making a decision. A copy of the Financial services guide for Spirit Super Advice is available at spiritsuper.com.au/financial-services-guide.