Changes to Super Guarantee from 1st July 2022
Super Guarantee (SG) rate increases from 10% to 10.5%
- the Super Guarantee (SG) rate increases from 10% to 5%
- the $450 per month eligibility threshold for when SG is paid is being removed.
How does this impact you?For businesses:
- You’ll need to make SG contributions at the new rate of 10.5%.
- You’ll need to start making contributions to all employees, regardless of their remuneration amount. If the removal of the $450 threshold means you’ll be paying SG for one or more employees for the first time, you’ll need to give them a Standard Choice Form.
- You’ll start receiving more SG contributions from your employer at the new rate of 10.5%.
- If you were earning below $450 per month, your employer should provide you with a Standard Choice Form, and you’ll start receiving super payment to your nominated superannuation fund.