Super Guarantee Changes

If you are a business with employees, from 1 July 2022 two important super guarantee (SG) changes are happening and will apply to your business.

The SG rate is increasing from 10% to 10.5%

The SG rate has been 10% since 1 July 2021. From 1 July 2022, it increases to 10.5% and has been legislated to rise incrementally each year until it reaches 12% in 2025. This increase means changes to your payroll and the amount of super you’re expected to pay your workers.

The $450 monthly threshold is being removed

This means all payments are subjected to superannuation, regardless of how much your employees earn. You may have to pay SG for the first time for some or all of your employees. If so, you’ll need to provide them with a Superannuation Standard Choice Form.

Xero and MYOB both are automatically making these 2 changes within your online software files. Just remember that with MYOB, you need to be on the latest version of MYOB to have these automated updates apply. However, please ensure you check that your software is updated correctly come 1 July 2022.

Fair Work Commission (FWC) Annual Wage Review & Increase

Following the Annual Wage Review 2021-22, the Fair Work Commission (FWC) has made 2 announcements:

  • An increase to the National Minimum Wage; and
  • An increase to the Minimum Award Wage.

National Minimum Wage Increase

From 1 July 2022, the National Minimum Wage will increase by $40 per week, which amounts to an increase of 5.2%. The new National Minimum Wage will be $812.60 per week or $21.38 per hour. The National Minimum Wage applies to employees not covered by an award or registered agreement.

Award Minimum Wage Increase

Award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and is based on a 38-hour week for a full-time employee.

This means minimum award wages:

  • above $869.60 per week, will get a 4.6% increase
  • below $869.60 per week, will get a $40 increase.

The FWC expect to have the new rates updated and published on their website come 1 July 2022. However, the award increase will happen in 2 stages. Most awards will increase from the first full pay period on or after 1 July 2022 and for some awards in the aviation, hospitality and tourism industries, the increase will happen from 1 October 2022. Click here to find out more about the affected awards.

With these staff costs rising and businesses still recovering from the COVID pandemic, we understand this can be a very difficult time for many business owners. If you require any guidance or support through this period, we encourage you to reach out to the team at HQB.

– Catherine Stojcevska

Posted 20.06.2022

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

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I met James Davis from HQB about 6 - 7 years ago when we were looking for an accountant that would suit our needs better and provide the advice that would steer us into the future.At the time I sat in front of James and fired so many questions, scenarios, future plans etc and James did not bat an eyelid. There was no let me get back to you on that one, or good questions I will check the current legislation, it was a variety of questions that led to us setting up a structure that has allowed us to grow with absolute confidence we are structured appropriately.This relationship has grown from strength to strength and i would have no hesitate to refer anyone to HQB as I am confident they will have the exact same experience and get the advice they need when they need it.Thanks for the amazing service guys and quality advice.
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HQB is an excellent accounting firm, we have worked together for over 20 years now. I cannot recommend them more highly and James Davis offers a very personal and professional service, second to none. Great communicators and are always available promptly with support and advise.
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01:05 15 Nov 21
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Alastair Fysh
04:31 25 May 20
HQB accountants have been an asset to our business. They have made Job Keeper a breeze and kept our business strong. They respond to emails quickly. They have been terrific value for us as they have brought knowledge and expertise that I don't have even if I had the time to do my accounting. They have taken the time to understand my business and structure our finances accordingly.
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Kyle Maloney
06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
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01:02 17 May 20
James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
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