Superannuation rate goes up
As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay.
From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.
The SG rate will also increase from 10 per cent to 10.5 per cent 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. The SG rate is legislated to increase to 12 per cent by 2025.
Make sure you update your payroll and accounting systems so you continue to pay the right amount of super for your employees.
If you require any further information, please contact your accountant or contact our Workplace Relations Team at workplacerelations@amaq.com.au for a referral to AMA Queensland’s corporate partner, Cutcher & Neale. Cutcher & Neale Accounting offer AMA Queensland members a one-hour review and consultation with award-winning advisors, at no cost.