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ARTICLE · 23 JUNE 2022

Super Is Changing On 1 July 2022 – Are You Ready?

Herbert Smith Freehills Kramer LLP
Explore more from Herbert Smith Freehills Kramer LLP

There are a raft of changes to superannuation laws that are taking effect from 1 July 2022, some of which will impact how employers make superannuation contributions on behalf of their employees.

AustraliaEmployment and HR
Anthony Wood
Anthony Wood
Natalie Gaspar
Natalie Gaspar
Drew Pearson
Drew Pearson
Anna Creegan
Anna Creegan
Wendy Fauvel
Wendy Fauvel
Marco Fedeli
Marco Fedeli

There are a raft of changes to superannuation laws that are taking effect from 1 July 2022, some of which will impact how employers make superannuation contributions on behalf of their employees. Whilst the changes themselves are relatively simple, implementing them could be considerably more complex. It's worth taking a look at your current arrangements now so that your organisation is ready to give effect to these changes in the new financial year.

The key changes

A number of reforms to superannuation laws are taking effect from 1 July 2022. There are two key changes that all employers must be across:

  • Increase to super guarantee: From 1 July 2022, the super guarantee rate will increase from 10% to 10.5% of an employee's ordinary time earnings. Employers will be required to use this new rate to calculate superannuation payments made to employees' superannuation funds on or after 1 July 2022, even if some or all of the pay period is for work done before 1

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