{"id":1368,"date":"2022-10-05T05:18:20","date_gmt":"2022-10-05T05:18:20","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1368"},"modified":"2022-10-05T05:18:21","modified_gmt":"2022-10-05T05:18:21","slug":"super-changes-apply-dont-get-caught-short","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/super-changes-apply-dont-get-caught-short\/","title":{"rendered":"Super changes apply, don\u2019t get caught short"},"content":{"rendered":"

To avoid additional costs (including the superannuation guarantee charge\u00a0(SGC)), you must pay the right amount of super for all your eligible employees\u00a0by the quarterly due date.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0<\/p>\n

Whether you\u2019re paying super weekly, monthly, or quarterly it\u2019s important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were:<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>the increase in the SG rate from 10% to 10.5%<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>the removal of the $450 per month eligibility threshold when paying SG.<\/span><\/p>\n

You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.<\/span><\/p>\n

All other eligibility requirements\u00a0for super remain in place. For example, an employee aged under 18 years must still work for you more than 30 hours in a week to be eligible for super.<\/span><\/p>\n

\u00a0<\/p>\n

What you need to do<\/span><\/strong><\/h4>\n

You need to make sure:<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>your payroll and accounting systems are up to date and include the recent changes to SG<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>you\u2019ve calculated and paid the right amount of SG for all your eligible employees<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>you pay SG amounts in full by the due date.<\/span><\/p>\n

You\u2019ll have to pay the SGC if your total SG amounts for the period 1 July 2022 to 30 September 2022 aren\u2019t received by your employees\u2019 super funds by 28 October 2022.<\/span><\/p>\n

If you need help meeting your SG obligations, you can contact a registered tax professional for assistance.<\/span><\/p>\n

\u00a0<\/p>\n

What happens if you don\u2019t pay the right amount of Super?<\/span><\/strong><\/h4>\n

If you don\u2019t meet your SG obligations, you\u2019ll have to pay the SGC. You\u2019ll need to lodge an SGC statement\u00a0and pay the SGC to us.<\/span><\/p>\n

This will cost you more than paying the correct SG on time. SGC is not tax deductible.<\/span><\/p>\n

\n

You may also have to pay additional penalties or charges.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

To avoid additional costs (including the superannuation guarantee charge\u00a0(SGC)), you must pay the right amount of super for all your eligible employees\u00a0by the quarterly due date.<\/span><\/p>\n","protected":false},"author":1,"featured_media":1369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1368"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1368"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1368\/revisions"}],"predecessor-version":[{"id":1370,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1368\/revisions\/1370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1369"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}