Employee super rate increase
Super guarantee rate to increase on 1 July
The ATO has reminded employers that on 1 July 2022, the super guarantee (SG) rate will increase from 10% to 10.5%. It also pointed out that the applicable rate will depend on when your employee is paid, not when the income is earnt. This means the new rate will need to be applied to any payments of salary or wages made on and after 1 July 2022, even if some or all of the relevant pay period is before 1 July. The ATO also stated that to prepare for these changes, employers should check their payroll and accounting systems are updated to incorporate the increase to the super rate.