From 1 July 2022, two important super guarantee (SG) changes will apply to your business:
The rate of SG is increasing from 10% to 10.5%
The $450 per month eligibility threshold for when SG is paid is being removed.
Businesses are being urged to check their software is updated to correctly calculate employees' SG entitlement from 1 July 2022.
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.
If your employee does not provide you with a choice of super fund, review the Stapled Super Fund information on the ATO website for guidance on what you need to do next. A stapled super fund is an existing super account linked to an individual employee.
Non-payment, underpayment and late payments of as little as 24 hours are likely to attract the attention and penalty from the ATO.
For more information, give us a call on 07 5500 0898 or email info@mjmaccountants.com.au
Source: ATO