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Superannuation to increase

$450 Month Superannuation Threshold Abolished From 1st July 2022 employers must pay super Guarantee on every dollar earnt, including the first $450. Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 – Parliament of Australia Previously, employers did not need to pay SG if the employee did not earn $450 per month. Now, some workers will receive super contributions from their employers for the first time. ICB recommend employers with staff currently earning below $450 each month to start preparing now.  Bookkeepers and BAS Agents can assist employers in budgeting for these increases and ensure that employers are meeting compliance requirements with super for employees.  Employers will need to ensure they are STP compliant and  Follow the Super Choice Form provision and potentially the Stapled Fund process when employing staff. The superannuation guarantee is currently set at 10%, as of 1st July 2022 the rate increases to 10.5%.

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