Superannuation Guarantee Changes – Do you comply?

The next quarterly super payment is due on Friday, 28th October 2022.

Employers will have to pay the Superannuation Guarantee Charge (SGC) if the new SG amounts for the period 1 July 2022 to 30 September 2022 aren't received by your employees' super funds by 28 October 2022.

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:

• an increase in the SG rate from 10% to 10.5%
• the removal of the $450 per month eligibility threshold when paying SG.
  

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.