Super Guarantee increasing to 10%

MeganK82
1 Post
User

1Posts

3Kudos

0Solutions

Super Guarantee increasing to 10%

Hello

 

With the impending superannuation guarantee increase from 1 July 2021 to 10% most employers will have the calculation basis for superannuation set as equals 9.5% of gross wages.  

 

Will MYOB be automatically updating the current 9.5% set in employee card files to 10% or is this something each employer will need to manually change for each employee in Account Right?.

 

What about MYOB essentials as well?

 

Thank you

19 REPLIES 19
Steven_M
MYOB Moderator
42,400 Posts
MYOB Moderator
New Zealand
MYOB Moderator

42,400Posts

5,740Kudos

6,331Solutions

Re: Super Guarantee increasing to 10%

Hi @MeganK82 

 

We are still working ways in which we can manage that superannuation change within our software. 

 

However,  when superannuation changed from 9% to 9.5%, we did have a Superannuation Rate Change assistant to guide users through that process. This is likely the same principle that we would go for with AccountRight again. From memory, we may have done a similar thing for MYOB Essentials or there was an alert to indicate that the minimum rate had changed and users would need to manually update their records.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

dave_LV
2 Posts
User

2Posts

3Kudos

0Solutions

Re: Super Guarantee increasing to 10%

Hi Steven,


Are there any updates on this thread? Have you released any official guidance yet?

Steven_M
MYOB Moderator
42,400 Posts
MYOB Moderator
New Zealand
MYOB Moderator

42,400Posts

5,740Kudos

6,331Solutions

Re: Super Guarantee increasing to 10%

Hi @dave_LV 

 

We are in the final stages of the next version, AccountRight 2021.3. More information into how we handle that superannuation change will be provided with that update.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Steven_M
MYOB Moderator
42,400 Posts
MYOB Moderator
New Zealand
MYOB Moderator

42,400Posts

5,740Kudos

6,331Solutions

Re: Super Guarantee increasing to 10%

Hi Everyone

Just a quick update to let you all know that the following Help Articles are now available that refer to that superannuation rate change:


AccountRight
Original MYOB Essentials

Newer MYOB Essentials

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

rowen0881
3 Posts
User

3Posts

0Kudos

0Solutions

Re: Super Guarantee increasing to 10%

Hi there

 

Our monthly pay cycle runs from mid month , is there anyway to accomodate the SG increase in this instance. we will have half a pay period at 9.5 % and half at 10%

Steven_M
MYOB Moderator
42,400 Posts
MYOB Moderator
New Zealand
MYOB Moderator

42,400Posts

5,740Kudos

6,331Solutions

Re: Super Guarantee increasing to 10%

Hi @rowen0881 


The above Help Articles do also cover that topic - see FAQ: What super rate do I use for pays that span payroll years?

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Martinw1
1 Post
User

1Posts

1Kudos

0Solutions

Re: Super Guarantee increasing to 10%

So after trying to sort it for a couple of months the solution is that users manually adjust it themselves. I wonder if the competitor products in xero automatically change on 1 July?

discoverybay
Experienced User
15 Posts
Experienced User
Experienced User

15Posts

4Kudos

0Solutions

Re: Super Guarantee increasing to 10%

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Employer-information/Super-Guarantee-rat...

 

For salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied. There is no half and half. 

discoverybay
Experienced User
15 Posts
Experienced User
Experienced User

15Posts

4Kudos

0Solutions

Re: Super Guarantee increasing to 10%

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Employer-information/Super-Guarantee-rat...

 For salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied.

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post