[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_single_image image=”30572″ img_size=”full” style=”vc_box_shadow” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”15px”][vc_column_text]As of the 1st July 2022, two important Super Guarantee (SG) changes will apply to businesses:
- the Super Guarantee (SG) rate increases from 10% to 5%
- the $450 per month eligibility threshold for when SG is paid is being removed.
How does this impact you?
For businesses:
- You’ll need to make SG contributions at the new rate of 10.5%.
- You’ll need to start making contributions to all employees, regardless of their remuneration amount. If the removal of the $450 threshold means you’ll be paying SG for one or more employees for the first time, you’ll need to give them a Standard Choice Form.
For employees:
- You’ll start receiving more SG contributions from your employer at the new rate of 10.5%.
- If you were earning below $450 per month, your employer should provide you with a Standard Choice Form, and you’ll start receiving super payment to your nominated superannuation fund.
For more information: https://www.ato.gov.au/Business/Super-for-employers/[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]Should you require any additional assistance please don’t hesitate to contact us.[/vc_column_text][vc_column_text]
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