The Superannuation Guarantee increases to 10.5% from 1 July and the $450 per month earning threshold will be removed. Businesses are advised to update payroll software to correctly calculate the SG entitlement.
Employees previously not eligible for super under the $450 threshold will need to provide their employer with a nominated super fund, which will be stapled for future changes in employment.
Superannuation is not payable for employees under 18 years who work less than 30 hours.
The penalties for late or incorrect super payments can be significant, hence businesses are advised to take action now to ensure systems are updated ahead of 1 July.