Just found out today from accountant that MYOB was using wrong super rate since 1 July 22. As soon as I found out I went into Payroll Categories- Superannuation. The Minimum Required Rate option was ticked.
So why were these previous quarters incorrect?
Today I switched to entering Equals 11% checked the amounts and then reset to Minimum Required Rate and it now seems to be working.
is there something I missed on 1 July 22?
Oh wow, this is bad. What payroll system are you using?
It is bad. AccountRight. Although the Minimum Required option was ticked, I am worried I had to save it by clicking on OK back in July 22.
It's working now after I unticked it and re-ticked it and pressed ok.
Had just assumed it was all automatic as it had been in the past 17 years I had been using MYOB.
Hi BMPP,
Thank you for your post and a warm welcome to the Community Forum. Apologies for the delay in response.
I understand your concern regarding the superannuation rates. As per my knowledge, the application is designed to automatically update the superannuation rates to align with the current values. From your previous message, it appears there was a misunderstanding about the superannuation rate not being updated to 11% on 1st of July 2022. However, the change in superannuation rate to 11% took effect from 1st of July 2023. I would suggest referring to the Superannuation article for more clarity on this matter.
If my response does not fully address your query, please feel free to provide more details about your concern. We are here to assist you further.
Thanks,
Genreve
