What changes are coming?
- Removal of the $450 superannuation contributions cap
- Increase of the Superannuation Guarantee to 10.5%
- Update to the indexation of Study or Training Loan Supports (STSL)
So, what do these payroll changes mean for my business?
How much these changes affect you will depend on the unique nature of your business and employees. However, the updates to superannuation likely mean you’ll need to set aside a little more each quarter, accounting for an extra 0.5% on ordinary earnings for those employees who regularly receive super and to start paying 10.5% superannuation for those who were previously under the $450 threshold.