Superannuation Guarantee Nest Egg

Superannuation Guarantee Changes as of July 2022

/by

From 1 July 2022, there are two main changes to the Superannuation Guarantee (SG).

The changes include:

  • Superannuation guarantee increase from 10% to 10.5%.
  • There is no longer a minimum income threshold – employees are now paid superannuation for all hours worked (subject to an eligibility criteria, additionally workers under 18 years of age are only eligible for the SG if they work more than 30 hours per week).

All business owners and payroll teams are encouraged to review their superannuation practices to ensure they are compliant with the new changes.

The Super Guarantee Calculator is an excellent tool from the ATO in working out the relevant Superannuation Guarantee payments due for employers. If further assistance is needed in understanding the changes, please get in touch.