Payroll News March 2022

JobBag Quarterly Payroll Newsletter 

Welcome to our new Quarterly Payroll newsletter! Starting this quarter, we are keeping our clients informed about payroll-related news. 

Superannuation Increase to 10.5%

The next increase in Superannuation Guarantee Contributions (SG) takes effect from the 1 July 2022. 

Note: Salary Packaging will reduce employees take home pay. You may need to issue new contracts and advise employees of their new Gross Salary.

As part of these annual increases JobBag is improving how these increases are captured. Making easier to update and track each annual increase and improve reporting. Look out for a new build in early June which will included these changes. 

To read more about the Superannuation increases visit the ATO website. 

Removal of Superannuation $450 threshold

The removal of the $450 threshold for Superannuation Guarantee (SG) means that from the 1 July 2022 employers must pay all eligible staff SG regardless of how much they earn in a month. All other requirements remain the same. 

JobBag will disable the ability to clear SGC from Talent invoices under $450.00 from July 2022. 

Need more info read this link to the ATO

ATO Cents per KM rate for 2022/2023

The ATO mileage rates are important for your mileage reimbursement calculations. 

For work-related mileage incurred from 1 July 2022, the ATO cents per kilometer rate for cars (not including motorcycles or vehicles with a carrying capacity of 1 tonne or more, or 9 or more passengers, such as a utility truck or panel van) is $0.75 per kilometer if driven for business. 

If you use the expense claim feature you may need to update this rate on the mileage kind or item as at the 01 July 2022