Superannuation Guarantee rate to increase to 10.5% from 1 July 2022

The minimum rate of Superannuation Guarantee will increase to 10.5% (from 10%) for the first pay period that ends on or after 1 July 2022.   

Employers will need to ensure their payroll systems are up to date to allow for these rate changes.  In some instances you will need to manually adjust these rates in your payroll systems.

Please refer to your payroll system for update options, or if you are still unsure please  contact our office for further instructions. 

The following links are from our equivalent post from last year.  The information should equally apply this year, however if we encounter any issues we’ll update the link on this post.

Quickbooks Online (QBO) Instructions – click here

MYOB Essentials (MYE) Instructions – click here

MYOB AccountRight Instructions – click here

Keypay Instructions – click here

Xero Instructions – click here

Superannuation Guarantee $450 Threshold Removed from 1 July 2022

The $450 threshold before having to pay Superannuation Guarantee has been removed from 1 July 2022.  This change applies to all employees regardless of their age.  However certain employees that are aged less than 18 that work less than 30 hours per week still retain an exemption.  As always you should consult the relevant award if your employees are covered under an award.  You will need to pay compulsory super for all other employees from the first dollar of wages paid. 

Temporary Full Expensing of Depreciating Assets (TFEDA) Extended to To 30 June 2023

The measure allowing businesses to fully write off the full cost of acquiring equipment, vehicles, and farming improvements has been extended to 30 June 2023.  Don’t forget however that you need to have the equipment ready for use before the deduction can be claimed, and that the claim for some vehicles is capped at a luxury car depreciation cost limit.

Company Loss Carry Back Extended to To 30 June 2023

The measure allowing most companies to get a refund for prior year tax paid if they have a loss this year has also been extended to 30 June 2023.  This only works if your company still has sufficient franking credits to allow the refund.