Changes to Super Guarantee from 1st July 2022

As of the 1^st July 2022, two important Super Guarantee (SG) changes will apply to businesses:

• 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.

For employees:

• 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.

For more information: https://www.ato.gov.au/Business/Super-for-employers/