Changes to Super Guarantee
As of 1st July 2022, the Super Guarantee increases from 10% to 10.5%. This rate is set up increase by 0.5% each July until it reaches 12% in 2025.
Furthermore to this, it has now been legislated for the removal of the $450 per month threshold. From 1st July 2022, Super Guarantee is now payable on all wages, regardless of their monthly earnings. Please note, employees must still meet the existing super guarantee eligibility requirements.
Ensure you are “super ready” for these changes in your accounting software as of 1st July 2022 when processing your pay runs for the new financial year.
2022 Concessional Contribution Caps
The Superannuation Contribution cap has increased to $27,500 (previously $25,000), which means eligible individuals can contribute up to $27,500 to their superannuation fund, and potentially claim a tax deduction for any voluntary contributions made. Eligible individuals may also access their unused super contribution cap and minimise tax liabilities for the year ended 30th June 2022. Please get in touch with your MMA Accountant if you require any further information on this tax strategy.
Updated: 7th April 2022
