Superannuation:: Changes to the Super Guarantee

Hello, this is your tax and super specialist, P&C Tax Professionals.

Today’s blog post will be a brief update on some of the recent changes that were made to the super guarantee since the last quarter.

To begin with, if you are an employer, the deadline to pay your super guarantee (SG) contributions for your employees is 28th October 2022.

There have been 2 key changes to the super guarantee effective from 1 July 2022:

> increase in the rate from 10% to 10.5%

> employees are no longer required to earn at least $450 per month in order to be entitled to super contributions.

However, employees who are under the age of 18 are still required to work over 30 hours per week in order to be eligible for super.

Make sure you keep on top of these super contributions because if you fail to pay the right amount of super contribution to your employees in full and by the due date, you will be required to pay what is known as the SG charge (SGC). In such a case, you will have to:

> lodge an SGC statement to the ATO by 28th November specifying any missed or late super

> pay the SGC to the ATO.

In the meantime, if you have any additional queries or if you would like to apply for your tax return, please contact us through our official Facebook Page (P&C Tax Professionals – Australia) or via email at pnctax@naver.com.

Thank you and bye for now!