Hello Chasers,
With the new rule changes regarding Superannuation, we want to remind you to make sure you understand them clearly so you don’t get penalised.
Whether you’re paying super weekly, monthly, or quarterly it’s important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022.
These were:
- the increase in the SG rate from 10% to 10.5%
- the removal of the $450 per month eligibility threshold when paying SG.
You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay periods they related to was before 1 July 2022.
All other eligibility requirements for super remain in place. For example, an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super.
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