Starting on 1 July 2022, you'll see some changes to the Superannuation Guarantee.
The two major changes are:
Employees will no longer need to earn a minimum of $450.00 per month to be eligible to receive superannuation.
The superannuation guarantee charge rate will increase from 10% to 10.5%.
What does this mean?
From the date of the change, employers will be required to pay super on all eligible employee earnings for every dollar, regardless of how much they are being paid.
The 2022 Federal Budget maintained the plan to increase Superannuation Guarantee to 12%. This change will happen over a number of years, gradually increasing by 0.5% on the 1st of July every year until it reaches 12% in 2025.
Employers who use accounting programs to calculate their payroll won't need to make any adjustments manually - your accounting program will automatically update the rates when the changes are due.
Other Super Change...
SUNSUPER is now Australian Retirement Trust. What does this mean?
Any employer who pays to employee's super fund that were with Sunsuper (now Australian Retirement Trust) needs to be aware that the USI for the fund is changing. So be sure to make sure your records are correct & updated when paying employee super after 30 June 2022.
From 1 July 2022 Australian Retirement Trust’s USI will change to 60 905 115 063 003.
Please be aware that the previous Sunsuper USI 98 503 137 921 001 will cease on 30 June 2022.
Employers are required to update their employee's contribution details to the new Australian Retirement Trust USI from 1 July 2022.
For more information, feel free to contact Hervey Bay Tax Solutions on 07 4334 0002 or admin@herveybaytax.com.