Super Guarantee Charge
Ensure you’re paying the right super to your employees.
Whether you’re paying super for your employees weekly, monthly or quarterly, ensure that the following changes from 1 July 2022 are reflected:
- The super guarantee (SG) rate has increased from 10% to 10.5%
- The removal of the $450 per month eligibility when paying super (now, all ordinary time earnings have to be paid super)
If super obligations are not met, a super guarantee charge (SGC) will apply. To avoid this, ensure the right amount of super is being paid to all eligible employees by the quarterly due date.
More information on the Superannuation Guarantee Charge is explained here.
Employees under 18
Employees who are under 18 years old must get SG paid if they work more than 30 hours in a week, regardless of how much you pay them.
Before 1 July 2022, an employee aged under 18 years was only paid super guarantee if they worked for you more than 30 hours in any week and you paid them $450 or more (before tax) in salary or wages in a calendar month.
We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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