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SUPERANNUATION GUARANTEE FOR ALL EMPLOYEES – MINIMUM WAGE THRESHOLD SCRAPPED

From 1 July 2022 the $450 per month wage threshold for payment of superannuation to employees will be removed. All employees will therefore have Superannuation Guarantee of 10.50% of wages.

When the 2023 financial year starts employers will be required to make superannuation guarantee payments each quarter for all employees regardless of how little the employee earns.

Payroll software should automatically update but it is important for employers to know their obligations and ensure the new rules are followed.

Further reading is available from the ATO at:

https://www.ato.gov.au/General/New-legislation/In-detail/Super/Removing-the-%24450-per-month-threshold-for-superannuation-guarantee-eligibility/

Langley McKimmie are here to assist with any payroll or superannuation query. Feel free to get in touch with an experienced member of our team to discuss your ongoing employer obligations

 

 

 

 

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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