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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