June is now upon us, and that means many things – Tax planning, finishing off the years bookkeeping and much more.
This year however, there will be major changes to super guarantee which will require changes to the way that super is paid. Up until now super guarantee had a $450 a month threshold, but now there will be no threshold. So for those employees earning under $450 a month, employees will need to give them a standard choice form. If they don’t provide a fund then you’ll need to search for a stapled fund for the employee as is now required.
There will also be a new super guarantee rate of 10.5%, up from the current 10% rate.
Adjustments in any payroll software will need to be applied from these dates.
If you need assistance with the transition to the new super guarantee rules then get in touch with Ace Business.