From the 1st of July 2022, the rate of the super guarantee is increasing from 10% to 10.5% and the $450 per month eligibility threshold is being removed.
What this means for you?
Consider in your wage budget the increase to super that will be paid to employees from July.
Your employees can be eligible for superannuation regardless of how much they earn. With the removal of the threshold, this may mean employees who have not received superannuation in the past will require a super fund. It's best if they complete a Standard Super Choice Form to make this decision, it can be obtained here:
For our existing clients, we will make the necessary updates to reflect these changes in our software to ensure this is up to date from the 1st of July.
If you have any questions, don't hesitate to contact us today!
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