Superannuation:: Super Guarantee Rates for 2022FY
Hello, this is your tax and super specialist, P&C Tax Professionals.
Today, we will be having a brief discussion about the super guarantee and the updated rate for the 2022FY.
To begin with, when it comes to the superannuation guarantee system, employers are obliged to pay 10% of a given employee’s ordinary time earnings as their superannuation contributions. As an employee, you will be eligible to receive such a super contribution from your employer if you satisfy the following conditions:
> you are an employee who is paid at least $450 or more (pre-tax) in a month AND
> you are over 18 years OR
> you are under 18 years and work 30 hours+ per week
If you meet all the conditions listed above, the super guarantee will be applicable to all full-time, part-time, and casual employees. Temporary residents are also considered to be eligible to receive their super in Australia.
In addition, super must be paid by your employer into your nominated super account at least every 3 months. Please refer to the table below for the specific dates for which payments must be made.
As many of you are aware, the super guarantee rate for the past 2021FY (1 July 2020 – 30 June 2021) was 9.5%. This rate has now increased to 10% for the 2022FY (1 July 2021 – 30 June 2022). For those of you who would like to know the past figures for the general super guarantee percentage, please access the ATO link provided below.
That’s all for now but if you any further questions please do not hesitate to contact us via our Official Facebook Page (P&C Tax Professionals) or direct your questions to our email address at pnctax@naver.com.
Thank you and bye for now!
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