End of financial year contribution cut-off dates for employers
The end of the financial year is fast approaching. Here’s the key dates you need to know to meet your super obligations this financial year.
17 June 2022 – Superannuation Guarantee (SG) contributions due
For SG contributions made via an external clearing house, we recommend making payments by
17 June 2022. Each clearing house will have their own timelines and making contributions by this date will ensure they’re allocated this financial year.
23 June 2022 – SG contributions via the Media Super Employer Portal due
SG contribution payments made via the Media Super Employer Portal must be made by
4pm (AEST) on 23 June 2022 to ensure they’re allocated this financial year.
14 July 2022 – STP finalisation declaration due
Your Single Touch Payroll (STP) finalisation declaration is due. This declaration indicates that you’ve fully reported for the financial year for each employee. Once your declaration is done, the ATO will pre-fill your employee’s income tax return and display the information as ‘tax ready’ in MyGov. For more information read Finalising your STP data on the ATO website.
Changes to super from 1 July 2022
As part of the 2021 Budget, the Government announced a number of initiatives that employers need to be aware of. These initiatives are now law and take effect from
1 July 2022.
SG rate will increase to 10.5%
The superannuation guarantee (SG) rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is the minimum amount of super you’re required to pay, by law, on ordinary time earnings.
This increase is in line with the Government’s plan to increase the SG rate to 12% by 2025.
$450 salary threshold for SG contributions removed
From 1 July 2022, the $450 monthly threshold for the payment of SG contributions will be removed. This means you’ll be required to make SG contributions to all eligible employees aged
18 years and over, regardless of how much the employee is paid.
Employees aged under 18 years will be eligible for superannuation if they work more than
30 hours in a week, regardless of how much they’re paid.
For more information, read the ATO’s recent announcement.
Work test for older Australians removed
From 1 July 2022, Media Super members aged under 75 years will be able to make or receive personal (after tax) and salary-sacrificed contributions without meeting the work conditions – known as the work test or work test exemption.
The existing contribution cap limits will still apply and members may also be able to use the bring forward rule. These members will still need to meet the work test to claim any personal super contribution deductions.
For more information read the ATO’s acceptance of member contributions and work test webpage.
We're here to help
For questions about making contributions, call our dedicated Employer Services team on 1800 640 886 (8am to 8pm AEST, Monday to Friday).