The rate of the Super Guarantee (SG) is increasing from 10% to 10.5% as of 1st July 2022. Along with this increase, the $450 per month eligibility threshold for when SG is paid is being removed.
This means that employers will need to make SG contributions at the new rate of 10.5% from 1st July 2022 and that employees can be eligible for these payments regardless of how much they earn.
For employers, this may mean that some employees will be receiving SG payments for the first time, in which case the employee will need to fill out a Standard Choice Form to nominate their super fund.
If you have any questions please give us a call on 03 9682 7011 to discuss.
