Superannuation not calculating correctly
Hi
Just wondering if anyone can help please.
I have set the superannuation rate in my Super Guarantee payroll category to 10% as per the new rate commencing 1 july 2021, however when I do my pays, it is being calculated automatically at 10.5%.
Any help would be appreciated please.
Thanks.
Allyson
Hi ALLYSON
Superannuation is calculated on a month-by-month basis. As such, if superannuation has been incorrectly calculated (or not calculated) an adjustment would be made to the superannuation value in the next pay to make it the desired calendar month.
In your case, I would assume you have processed a pay already in the month that was done with 9.5%. This does mean that when you have adjusted the calculation rate there is an extra .5% of the employee's gross wage that also needs to be factored into the equation. Thus you have a slightly inflated superannuation calculation for that pay.
