From 1 July 2022, the $450 per month minimum earnings for superannuation has been removed from the Superannuation Guarantee (SG) eligibility criteria.
This means that all employers will now be liable to pay superannuation for all otherwise eligible employees from the first dollar earned.
Given that eligibility for SG is still dependent on other factors, it will be important to review your employee list to confirm that all employees that are eligible for SG will begin accruing super from the first dollar. While some software packages may update this automatically, given that there are still other eligibility criteria, we recommend a cross check.
For more information on eligibility criteria, you can refer to the ATO’s superannuation guarantee eligibility decision tool, or contact your C&N advisor to discuss.