From 1 July 2022, two important Super Guarantee (SG) changes will apply to your business
The rate of SG is increasing from 10% to 10.5%
The $450 per month eligibility threshold for when SG is paid is being removed.
What this means for you
These changes mean that from 1 July 2022, you'll need to make Super Guarantee Contributions at the new rate of 10.5% and employees can be
eligible for Super Guarantee, regardless of how much they earn. You may have to pay SG for the first time for some or all of your
The ATO are working with digital service providers (DSPs) to make sure payroll software is updated in time. If you use a tax agent
such as Sentrika, we are able to assist you with any of these changes. The ATO will also have updated online tools and calculators
that will be available to help you from 1 July 2022.
What you need to do
Check that your software is updated to correctly calculate your employees' SG entitlement from 1 July 2022.
If the removal of the $450 threshold means you'll be paying SG for one or more employees for the first time, you'll need to give them a Standard
If your employee does not provide you with a choice of super fund, review the Stapled
Super Fund information
on our website for guidance on what you need to do next. A stapled super fund is an existing super account linked to an
For more information or support, contact our office to book an appointment with one of our trusted advisers.
With the rise of the Content Creator era, platforms such as TikTok, YouTube & OnlyFans have offered an opportunity for creators to profit from the audience they generate, but the tax office has put the booming industry on notice. Our latest article outlines the ATO's expectations on how the income should be treated.
If your business isn’t registered for Fringe Benefits Tax (FBT), it is important that you determine whether it needs to be. In this article
we discuss what the ATO deems a Fringe Benefit and what benefits are exempt.
Do you feel overwhelmed by your tax obligations? Are you unsure you’re getting the most out of the available tax concessions? If so, tax
planning could be the key to taking back control of your finances. In this article, we'll explore what tax planning is, who can benefit from it, and why it's a valuable financial management tool.