As of the first of 1st July 2022, there are changes to who is eligible for super and how much needs to be paid
With the start of the new financial year employees are eligible for super guarantee payments regardless of how much they earn. As of the 1st of July 2022, the $450 monthly threshold before superannuation needs to be paid to employees goes. However, for employees under the age 18, they will only receive super guarantee payments if they work more than 30 hours a week.
On top of that from the 1st of July the super guarantee payment will jump from 10% to 10.5%. The new rate takes effect on payments to employees after the end of the financial year regardless of when work was performed. The super guarantee payment will increase each year until is reaches 12% by 2025.
If you need help with updating your accounting system before the end of the financial year, please feel free to reach out to us.