Changes to superannuation

From 1 July 2022, the super guarantee (SG) rate will increase from 10% to 10.5%. This is in line with the Federal Government's current schedule to increase the SG rate by 0.5% per year until it reaches 12%. Visit the ATO website to learn more about the upcoming SG rate increase.

The $450 SG eligibility threshold will be removed. This means you must pay super to most employees, regardless of how much you pay them.

Please note that other eligibility requirements for super will remain in place. For example, workers under 18 must still work at least 30 hours a week to be eligible. Visit the ATO website to learn about the removal of the super eligibility threshold.

Changes to wages

The following changes to minimum wages will come into effect from 1 July 2022:

• The National Minimum Wage will increase by 5.2%. This change will apply from the start of the first full pay period after 1 July.
• Minimum award wages above $869.60 per week will increase by 4.6%. Those below $869.60 per week will increase by $40.

Visit the Fair Work website for more about the increases to minimum wages.

Changes to business name and company fees

The Australian Securities and Investments Commission (ASIC) will increase some of their fees from 1 July, in line with increases to the Consumer Price Index.

These changes include:

• The application fee to register an Australian company will increase from $512 to $538.
• The fee to register a business name will increase from $37 to $39 for one year or from $88 to $92 for 3 years.

Visit the ASIC website for a full list of fee increases.