Several key super changes came into effect on 1 July 2022
regarding superannuation contributions. These changes create
opportunities for all, young and old, to grow their retirement
savings.
What are the changes?
For Employers:
- The Superannuation Guarantee (SG) rate will increase to 10.5%
p.a. for all
- The $450 minimum income threshold for SG contributions, will be
removed
- Those under 18 must continue to work more than 30 hours in a
week to be entitled to SG contributions
James Dolahenty, Director in our Sydney office said, "a
consideration employers need to get right prior to their first
payroll run in just over a month's time, is how they will be
implementing the 0.5% increase. It is important to review
employment contracts and ascertain whether the employee's
package is inclusive of, or excluding superannuation
guarantee.
