Changes for business coming on 1 July 2022

From 1 July 2022 you will need to pay super for employees, regardless of how much you pay them. This is because the $450-per-month threshold for super guarantee (SG) eligibility is being removed.

On 1 July 2022, the super guarantee (SG) rate will increase from 10% to 10.5%. The Norfolk Island transitional SG rate will increase from 6% to 7%.

From 1 July 2022, the National Minimum Wage will increase by 5.2%, which amounts to $40 a week. The new National Minimum Wage will be $812.60 per week or $21.38 per hour.

The new National Minimum Wage will apply from the first full pay period on or after 1 July 2022. This means if you have a weekly pay period that starts on Mondays, the new rates will apply from Monday 4 July 2022.

The minimum award wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee.

This means minimum award wages:

• above $869.60 per week, will get a 4.6% increase
• below $869.60 per week, will get a $40 increase.

If you are covered by an award, award increases happen in 2 stages. Most awards will increase from the first full pay period on or after 1 July 2022. For some awards in the aviation, hospitality and tourism industries, the increase will happen from 1 October 2022.

In line with an increase in the Consumer Price Index (CPI) for the March quarter, the Australian Securities and Investment Commission will increase company and business name fees from 1 July.