Removing the $450 per month threshold for super guarantee eligibility
It was announced on 11th May 2021, part of the 2021-22 Federal Budget that the Australian Government announced it would remove the $450 per month threshold to expand coverage of super guarantee to eligible employees, regardless of their monthly pay.
‘The change is now law by the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Act 2021External Link with royal assent on 22 February 2022.
From 1 July 2022, employers will be required to make super guarantee contributions to their eligible employee’s super fund regardless of how much the employee is paid.
Employees must still satisfy other super guarantee eligibility requirements’
Did you know employers will need to check their payroll and accounting systems have been updated for super payments made after 1 July 2022 to ensure they correctly calculate their employee’s super guarantee entitlement.
I am sure many employers have not been updated, if you need help in this area, please give me a call direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
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