Super Guarantee increasing to 10%

rowen0881
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Re: Super Guarantee increasing to 10%

Yes ! after some digging i found that information. thanks for your response Smiley Happy 

The_Doc
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Re: Super Guarantee increasing to 10%

Hi All

 

I am not sure this change has been properly elucidated - yes the rate goes to 10% - and how to do that - important.

 

There is another aspect to this change that is not obvious - as is common in some business (we do it) is to employ staff on a salary inclusive of super - meaning if we offer a salary of 110k (and super guarantee is 9.5%) that is an exclusive GROSS of $100,456.62  + super of 100,456.62 x 0.095 = $9543.38 .

The Gross salary that goes into the salary spot to work out the gross weekly/fortnightly pay is the 100,456.62

However, from 1 July this gross figure for all staff will need to decrease to ensure the Gross (excl) + super (10%) = Gross incl.

 

If you just change the % rate - for the 110k gross incl staff member to 10% their new Gross will now be $110,502.28

 

Take a staff member on 140k this goes to 140,639.27

 

A small point - perhaps - but important.

 

The Doc

 

Wendy26
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Re: Super Guarantee increasing to 10%

Pretty appalling dissemination of information from MYOB.

MYOB has all Administration user's email addresses, so why not send out newsletters or alerts to us all regarding important changes like this?  

Not happy with the service :-(

 

Steven_M
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Re: Super Guarantee increasing to 10%

Hi @Wendy26 

 

Superannuation rate changes were included in the AccountRight 2021.3 version communications to users. This would have been sent through to the primary contact on the account - sorry to hear that you didn't receive that information.


If you do require further assistance with that rate change we would recommend checking out Super guarantee rate increase 1 July 2021.

Kind regards,
Steven

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shapemakers
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Re: Super Guarantee increasing to 10%

Hi Stephen,

 

This isn't entirely correct. We are running 2021.3.0 (Build 2021.3.24.4119) and it did not change from 9.5% to 10%. When I opened Superannuation Guarantee, it said 9.5% of the pay period.

 

I adjusted this to 10% however it is incorrect. An employee with a gross amount of $798, shows super at $83.68

 

I am having to manually adjust this. Please see attached screen snips from an employee and from the Super Guarantee tab

MYOB SUPER.jpg
The_Doc
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Re: Super Guarantee increasing to 10%

@shapemakers 

 

You are correct - the MYOB calculations are all over the place - 10% (I just used your figures) - is 10.4863.... %

 

So I did some experimenting MYOB - created an additional super based on gross salary - and selected 10% - wow - wrong

Then I selected 5% - and voila it was 10% exactly

 

So I then selected 5% for the super guarantee - thinking 5% might give me 10% - but nope it gave me 0.5% super.

 

Geez MYOB this is a bit late in the game for this problem.

 

What I am trying to find is a super guarantee % that will calculate 10% - I am looking!!!!!!!!!

 

The Doc

Steven_M
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Re: Super Guarantee increasing to 10%

Hi @shapemakers 


Superannuation is calculated on a calendar month basis. As such, the system will look at the full calendar month to determine the superannuation amount of that pay. This does mean that if you have updated the calculation pays after recording a pay the superannuation component may be auto-adjusting to give you that full 10% for the calendar month.


So in your case, if we make some assumptions that the employee is paid $798 each week and that you have already processed a pay for the month with that value but the superannuation was 9.5% you would have had $75.81 superannuation calculated on that pay. If you then updated the superannuation rate calculation to be 10%, you are missing .5% superannuation for that month and thus an automatic adjustment would need to occur. I've calculated it as the following (there is a slight difference as I don't have the full pay history and thus have had to make an assumption).

Pay history prior to that pay would be:

Base Hourly: 798

Superannuation (9.5%) of that: $75.81

This pay would add 798 to the pay history giving you a total pay history of $1596
 The superannuation amount of that full pay history is $159.60 

You have had 75.81 already calculated from the pay history thus leaving you $83.79 superannuation for that. 

Note: The value I have supplied is slightly out (11 cents), I've had to make some assumptions based on the previous pay history of that employee from the current values.

 

In saying that, I'm happy to take a look at the full calculation for you with actual values. In order to do that I would need to grab a screenshot of the pay history for that employee:

  • The pay history for that particular month for that employee - Card File>>Cards Lists>>Employees>>Select the employee's card>>Payroll Details>>Pay History (LEFT-hand side)>>Show pay history for x month (the same as that of the payment date of that pay).

@The_Doc  I've responded to your post on 10% Super Guarantee Calculation in MYOB NOT 10% !!!!!!! however, it looks a bit like the same situation is occurring for yourself i.e. it's doing adjustment to make it 10% for the full calendar month.

Kind regards,
Steven

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shapemakers
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Re: Super Guarantee increasing to 10%

Thanks Steven,

 

That I can understand. I presume then that it would only do it once and each time thereafter would be 10%? 

 

I have attached the pay history.

 

@The_Doc  love your dedication to work it out!

 

Appreciate the help.

 

EDIT: Doing some manual calculations, yep I'm pretty sure you've nailed where it hasn't come up. I was unaware that it did it over the month (the 10%) rather than just the pay period.

july.JPG
Steven_M
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Re: Super Guarantee increasing to 10%

Hi @shapemakers 

 

Based on the screenshot you have provided the system is working as I would expect. In short, you are "missing" 3.878 in the superannuation from the pay history (1573.58 x 10% = 157.358 - 153.48 = 3.878), thus you have an extra 3.88 super in this pay giving you 10% for the calendar month.


Should only happen the once, as you have just updated the rate mid-month. Next pay and next month should be all good to be at 10%. Although, do let us know if not.

Kind regards,
Steven

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KC72
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Re: Super Guarantee increasing to 10%

FYI.... xero was AUTOMATIC!!!

 

COME ON myob!

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