Super changes apply, don't get caught short
| To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date. | | Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were: | | > | the increase in the SG rate from 10% to 10.5% |
| > | the removal of the $450 per month eligibility threshold when paying SG. |
| You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022. |
| All other eligibility requirements for super remain in place. For example, an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super. |
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| What you need to do | | You need to make sure: | | > | your payroll and accounting systems are up to date and include the recent changes to SG |
| > | you've calculated and paid the right amount of SG for all your eligible employees |
| > | you pay SG amounts in full by the due date. |
| You'll have to pay the SGC if your total SG amounts for the period 1 July 2022 to 30 September 2022 aren't received by your employees’ super funds by 28 October 2022. |
| If you need help meeting your SG obligations, you can contact a registered tax professional for assistance. |
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