From 1st July 2022 employers must pay super Guarantee on every dollar earnt, including the first $450. Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 – Parliament of Australia
Previously, employers did not need to pay SG if the employee did not earn $450 per month.
Now, some workers will receive super contributions from their employers for the first time.
Our association, ICB recommend employers with staff currently earning below $450 each month to start preparing now.
We, Bookkeepers and BAS Agents can assist employers in budgeting for these increases and ensure that employers are meeting compliance requirements with super for employees.
Employers will need to ensure they are STP compliant and
Follow the Super Choice Form provision and potentially the Stapled Fund process when employing staff.
The superannuation guarantee is currently set at 10%, as of 1st July 2022 the rate increases to 10.5%.
As Bookkeepers and BAS Agents we can assist businesses by informing clients on the change in legislation and help them to follow the steps they need to be ATO compliant.
Source : ICB March 2022