A new bill introduced into federal parliament will see compulsory superannuation payments extended to more workers from July 2022.
Currently the Australian superannuation system requires an employer to make regular contributions, 10% of an employee's wage, into an employee's chosen superannuation account.
At present, an employee is currently entitled to super guarantee contributions from an employer if they are 18 years old or over and are paid $450 or more (before tax) in a month from a single employer.
However as a result of legislative changes introduced by the Treasury Laws Amendment (Enhancing superannuation outcomes for Australians and helping Australian businesses invest) Bill 2021, and supported by both sides of the political arena, from 1 July 2022, the $450 monthly earnings threshold will be removed, and the Superannuation Guarantee will also rise to 10.5% from this date.
