The Federal Government announced that they will be updating the Super rules from 1st of July 2022.
As an employer you would be aware that there is an obligation to pay 10% of an employee’s wages to a Superfund of the employee’s choice or failing that the ATO.
One of the rules in place regarding Super contributions previously was that if you pay wages of less than $450 in a month, there is no obligation to actually make a Super payment of that 10%.
The Government’s announcement is that from July 1st 2022 employers will be required to pay Super to all employees that receive salary, including those who are earning wages less than $450 a month.
That will increase your obligations as an employer on or to remain compliant. While it can be tedious getting things updated, it is critical you remain compliant as an employer.
One way employers should ensure compliance is by making sure their payroll tax records are updated.
If you would like a hand with that, please get in touch.I want tax help