With the beginning of the new financial year, there are some changes to your obligations regarding payment of superannuation.
The super guarantee rate will increase from 10% to 10.5% from 1 July 2022.
You will need to apply this new rate to work completed before July if the pay period crosses over from June to July. For example, if your pay period is June 24 - July 8, you will need to pay your employees’ superannuation at the rate of 10.5% for that entire fortnight, including the hours worked in June.
There are also changes to the eligibility for super guarantee. The Australian Government has removed the $450 per month threshold for superannuation payments which will apply from 1 July 2022. As long as an employee satisfies the other super eligibility requirements, you must pay superannuation regardless of how much your employee earns in a month. For example, employees under the age of 18 still need to work more than 30 hours in any week to be eligible to be paid super, but the $450 threshold no longer applies.
Before 1 July 2022
- Super guarantee rate - 10%
- Minimum monthly earnings threshold - $450
From 1 July 2022
- Super guarantee rate - 10.5%
- Minimum monthly earnings threshold - $0
If you have any questions about
the information above, please contact the MTA Workplace Relations Team on 8291
2000, or at email@example.com.