On 11 May 2021, the Australian Government announced that the $450 monthly threshold will be removed to enhance the super guarantee coverage for eligible employees, regardless of their monthly earnings.
Provided that their employees still meet the super guarantee eligibility criteria, employers will be required to make super contributions into their eligible employee’s super fund, starting 1 July 2022.Employers will also be required to review their updated payroll and accounting systems to ensure that any super payments made after 1 July 2022 are accurately calculated into their employee’s super guarantee entitlement.
From 1 July 2022, online tools and calculators will be available to assist in implementing this change.
For more information about these measures, click here.