From 1 July 2022 there will be a change to the superannuation guarantee amount as well as the removal of the monthly eligibility threshold. Read more about these two legislative changes below to see whether they affect you.
Superannuation guarantee contribution increase
From 1 July 2022 the legislative superannuation guarantee will increase from 10% to 10.5%. If you currently receive the superannuation guarantee contribution of 10%, this will increase to 10.5%. If you receive an employer superannuation contribution of 17%, there will be no change to your contributions. If you have reduced your employer superannuation contribution from 17% to the superannuation guarantee contribution, your total remuneration package remains the same, however your current base salary is adjusted.
The increase will be effective from the pay period commencing 30 June 2022 for eligible Macquarie University employees and from the pay period commencing 20 June 2022 for eligible employees of MQ Health, U@MQ and MGSM.
Removal of $450 per month eligibility threshold
From 1 July 2022 the $450 per month eligibility threshold is being removed. The threshold meant that employees were only entitled to superannuation guarantee contributions if they were over the age of 18 and earned $450 or more from an employer (before tax) per calendar month. With the threshold removed from 1 July 2022, all employees will receive superannuation guarantee contributions regardless of their age and how much they earn.
For more information on both these changes to superannuation please visit the ATO website.
If you have a specific query about these changes, please lodge a OneHelp ticket to contact the Payroll team.
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