On 1 July 2022, the super guarantee rate will rise from 10.0% to 10.5%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.
Also, from 1 July 2022, the $450 per month eligibility threshold is being removed which means that employees can be eligible for SG, regardless of how much they earn.
The removal of the $450 threshold means you may be paying SG for one or more employees for the first time. If this is the case, you will need to give them a Standard Choice Form
If you have the current version of your payroll software it should automatically change the rate from 1 July 2022 when the latest software update is applied.
If you have an older version of payroll software you may need to change this rate manually in the payroll settings (refer to software manual to change).
If you need help to work out how much super you need to pay for your employees after the rate increases, you can use the ATO’s Super Guarantee Super Calculator.
For any salary and wage payments made on or after 1 July 2022, the minimum superannuation guarantee contribution rate of 10.5% will need to be applied.
Refer to the ATO website for more information and future proposed changes to SGC rates.