New Superannuation Guarantee (SG) changes came into effect from 1 July 2022.
All employers must be paying super to all eligible employees to avoid additional costs being incurred by the SGC.
Employers must pay the right amount of super for all your eligible employees by the quarterly due date.
The changes were:
All other eligibility requirements for super remain in place, e.g. an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super.
Employers must have applied these changes to all the salary and wages paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.
If you need help understanding your SG obligations and be certain you are paying the right amounts, you can contact us for assistance.
If you don't meet your SG obligations, you have to pay the Superannuation Guarantee Charge.
LEGAL
Liability limited by a scheme approved under Professional Standards Legislation.
Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.