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Superannuation Changes - From 1 July 2022

Updated: Sep 13, 2022

Superannuation - From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid was removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week. The super guarantee (SG) rate has increased to 10.5%. You'll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all the pay period is for work done before 1 July. Make sure you update your payroll and accounting systems so that you continue to pay the right amount of super for your employees.

If you need help with Superannuation Caboolture Bookkeeping can help Click Here to get in touch.

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