Removal now of the $450 super threshold for your staff


In the budget, one change made that retailers need to be aware of now. Before you only had to pay superannuation if an employee monthly income from you exceeded $450. This was handy as it reduced much administrative burden over what was so little. Remember the government commitment to reduce “red tape”? Anyway, this $450 monthly threshold is now gone. No matter how little money you pay a person in salaries, you have to pay the superannuation.

Also, the superannuation rate will increase to 10% on July 1, 2021. Count on it going up again very soon as the government plan is to raise superannuation to 12%,

All this needs to be budgeted by you.

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