Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
July 2021
July 2021
I've changed the superannuation category to 10% and MYOB is calculating 10.5%.
I have now decided to enter each one mannually
Solved! Go to Solution.
July 2021
July 2021
My payroll is weekly from 1/7/21 - 7/7/21 and MYOB is still not calculating exactly 10%
July 2021
July 2021
Thanks for your post. Super is calculated on a monthly basis like this:
The amount of pay for the month MULTIPLIED by the current super rate MINUS super already calculated for that month.
This means that if you have processed a pay with the payment date in July and super rate at 9.5% then change the rate to 10%, the software adjusts the super calculation for the next pay so that 10% is accrued for the whole month. This will be why your second July pay is calculating at 10.5%, to make up for the 0.5% shortfall in the first week.
You don't need to make any super adjustments going forward as the software has done it for you. You can check by running the Payroll Activity detail report for the month of July and making sure that super is 10% of OTEs.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
July 2021
July 2021
Hi.
This still doesn't seem right. We process pays weekly. Today is our FIRST pay for the month/financial year and the super is calculating the 10.5%. If one of these employees were to resign tomorrow, then they are entitled to the accrued 10.5%.
Will this happen every month?
Please advise urgently.
Thanks.
July 2021
July 2021
Hi
All fixed! I didn't realise the bookkeeper had processed the last pay run on 1st July instead of 30th. The super rate wasn't updated until this pay (thinking this was going to be the first pay).
Under control again!
Thanks
July 2021
July 2021
Hi @Bridge1
Super calculates on a monthly basis every month. If your super is calculating at 10.5% for this payrun it indicates that you have already processed a payrun with a July payment date at 9.5%. This could be a payrun with a June pay period but if the payment date is July it is included in July payroll/super.
This information from the ATO explains how the super increase works:
The rate you use to calculate super contributions will depend on which quarter you pay your employee. It doesn't matter if the the work is performed in a different quarter.
This means you'll need to calculate your super contributions at the rate of:
For example, for the fortnightly pay period starting 24 June 2021 and ending 7 July 2021, Sue earns $4,500. She is paid on 8 July 2021. The minimum super guarantee contribution for Sue for the pay period is 10%, so Sue's super for the quarter is:
$4,500 × 10% = $450
I would recommend running the Payroll Actvity detail report for the month of July, add up the OTE payroll category and mutliply the total by 10%. If that amount is the same as the Super Guarantee amount then the software has calculated correctly.
If your Payroll Activity report doesn't reconcile please let me know.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
July 2021
July 2021
Hi @Bridge1
Looks like our posts crossed paths, glad to hear it's all sorted for you.
Please don't hesitate to post again if you need help in the future.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others