More super for you
The new financial year brings more good news to help give your super a boost.
From 1 July 2022, the Superannuation Guarantee (SG) contributions paid by your employer into your super will increase from 10% to 10.5% of your salary. Even better, the SG is scheduled to go up by 0.5% each year until it reaches 12% by July 2025.
Also new for the financial year is the removal of the $450 monthly income threshold for SG contributions. This means that from 1 July 2022, if you’re eligible for and entitled to receive the Super Guarantee, you’ll be paid super from your employer even if you earn less than $450 per month. So that’s great news if you’re on a lower income, work part-time or you’re juggling multiple casual jobs. If you’re under 18, you’ll still need to work more than 30 hours per week before you’re eligible to receive super from your employer.