It isn’t long ago that we had some big changes in superannuation requirements with the new superannuation stapling rules that came in on 1 November 2021 – see more on that here. Now there are more changes coming in from 1 July 2022.

Removal of $450 threshold

Currently, the superannuation guarantee does not apply to an employee who earns less than $450 in a month.

That threshold is abolished so superannuation is payable on all earnings with one qualification – if you are under the age of 18, unless you are covered by a workplace agreement that states otherwise, you need to work more than 30 hours in a week.

Increase in compulsory superannuation contribution rate

Additionally, in line with the annual increases of 0.5% announced some time ago, the compulsory superannuation contribution rate increases to 10.5% from 1 July 2022.

Got any questions on this or any other employment matter? Give us a call on 0438 533 311 and take advantage of our offer of a free first consultation.