15/03/2022
Important changes happening in the new financial year.
Something to keep in mind if you, or your older children, are working casual jobs.... 🤔
𝗙𝗿𝗼𝗺 𝟭𝘀𝘁 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟮 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗿𝘀 𝗺𝘂𝘀𝘁 𝗽𝗮𝘆 𝗦𝘂𝗽𝗲𝗿 𝗚𝘂𝗮𝗿𝗮𝗻𝘁𝗲𝗲 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 (𝗦𝗚𝗖) 𝗼𝗻 𝗲𝘃𝗲𝗿𝘆 Ordinary Time Earnings (OTE) 𝗱𝗼𝗹𝗹𝗮𝗿 𝗲𝗮𝗿𝗻𝗲𝗱, 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 $𝟰𝟱𝟬
Prior to the new treasury law amendments, employers did not need to pay SGC if the employee did not earn $450 per month.
This means that some workers will now receive super contributions from their employers for the first time.
It's a good time to start reviewing those employers with staff who are currently earning less than $450 each month to start preparing now.
Accounting Technicians, Bookkeepers and BAS Agents should work with their clients in preparing for these changes and ensure that they are being compliant.
The same regulations apply for STP and Super Choice Form around Stapled Super.
𝙒𝙝𝙞𝙡𝙚 𝙎𝙂𝘾 𝙞𝙨 𝙘𝙪𝙧𝙧𝙚𝙣𝙩𝙡𝙮 𝙨𝙚𝙩 𝙖𝙩 10%, 𝙖𝙨 𝙤𝙛 1𝙨𝙩 𝙅𝙪𝙡𝙮 2022 𝙩𝙝𝙚 𝙧𝙖𝙩𝙚 𝙬𝙞𝙡𝙡 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚 𝙩𝙤 10.5%.
You can assist your clients on the change in legislation and help them to remain ATO compliant.
Further information can be found here:
https://www.ato.gov.au/General/New-legislation/In-detail/Super/Removing-the-$450-per-month-threshold-for-superannuation-guarantee-eligibility/
Lielette Calleja
Chief Accounting Technician