SUPERANNUATION RISING TO 10.5%
As of 1 July 2022, the Superannuation Guarantee that an employer must pay will increase from 10% to 10.5% of an employees’ ordinary time earnings.
In addition, the current $450 minimum monthly threshold for superannuation contributions will cease for all employees aged 18 years and over. This will require employers to make superannuation contributions to eligible workers regardless of their monthly pay.
Workers who are under the age of 18 will generally be required to work more than 30 hours per week to qualify for superannuation contributions, unless they are covered by a workplace agreement that states otherwise.
Now is the time for employers to check their payroll and accounting systems to ensure that they have been updated to accommodate these changes.
