Important superannuation changes from 1 July 2022
The amount businesses have to pay will increase and the income threshold is being removed
23 May, 2022
If you are a business with employees, from 1 July 2022 two important super guarantee (SG) changes will apply to your business. These are:
- 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.
These changes mean that from 1 July 2022:
- you'll need to make SG contributions at the new rate of 10.5%
- employees can be eligible for SG, regardless of how much they earn. You may have to pay SG for the first time for some or all of your employees.
Check that your software is updated to correctly calculate your employees' SG entitlement from 1 July 2022.
The ATO is working with digital service providers (DSPs) to make sure payroll software is updated in time. If you use a tax agent, they'll also be aware of these changes and able to assist you.
The ATO will make available updated online tools and calculators to help you from 1 July 2022.
More information is available at Super for Employers or contact the ATO on 13 10 20.