2 Super 2 Serious
Hollywood film studios are notorious for excessive amounts of sequels in a franchise. The ATO must have been following closely because they are releasing a second increase to Super Guarantee in as many years (with the intention of another three to come). From 1 July 2022, Super Guarantee (SG) on ordinary wage payments increases to 10.5%. After all five rate increases, the SG rate will sit at 12%.
Current payroll software should automatically change this for you. It will calculate SG correctly for each pay run and tell you how much needs to be paid. We recommend double-checking that the first couple work and then you can be confident to let the system take care of itself. Anyone still manually calculating SG will need to remember to change their SG percentage to 10.5%.
Note: If your employee contracts denote wages as a total package but your payroll software denotes wages as a salary/hourly rate plus SG, you may need to alter this amount to maintain the same total wage package.