changes to super guarantee - 1st July 2022

Alex_10836088

Apologies if this has been covered before but i couldn't find info on it in any forums - Regarding new changes coming in July 2022 to increase SG to 10.5% and remove the $450 threshold

Can anyone confirm whether Reckon Accounts Desktop and Recon Payroll Premier will cover this in their usual update or do we need to make any changes ? - specifically the changes to $450 threshold ?

Thanks

Acctd4

We've not had official notification from Reckon but last time it increased, it was automated within the Update release so I would imagine the same will apply this time also 😊

Alex_10836088

Thanks Shaz - was thinking the same for the percentage increase but the threshold change to pay super to staff earning under $450 is a new rule so thought I'd check on that one

Acctd4

I'm thinking the $ 450 threshold removal will not be automatic as there are scenarios where it will still be applicable (eg under 18's/domestic workers/contracted employees working less than 30 hrs p/wk)

Rav

Hi guys,

The upcoming tax table for Reckon Accounts (Desktop) 2022 will accommodate changes to Super Guarantee default % and also the threshold removal. The tax table update is scheduled to release in the second half of next month.

We're putting some finishing touches on documentation that will cover the specifics on how it will work but I believe the 'Monthly Minimum Threshold' amount for Super Payroll Item types will automatically be updated to $0.00 during the upgrade. Could be subject to change so don't take that as official just yet but we'll have more info coming soon so stay tuned.