Super Guarantee Changes

As part of the 2021-22 federal Budget, the Treasurer announced that they will remove the $450 per month threshold on superannuation guarantee eligibility. This was given royal assent last month and passed into law.

From 1 July, 2022, employers will be obliged to make superannuation guarantee payments to employees who earn less than $450 per month, provided the employee satisfies other superannuation guarantee requirements.

For employers, this means that you will need to ensure that your payroll system has been updated for super payments made after 1 July, 2022.

The superannuation guarantee rate increases from 10.5% to 11% from 1 July 2023.