Super guarantee rate increase 1 July 2021

Tracey_H
MYOB Moderator
7,044 Posts
MYOB Moderator
MYOB Moderator

7,044Posts

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Super guarantee rate increase 1 July 2021

Hi Everyone

 

On the 1 July 2021 the superannuation guarantee rate increases from 9.5% to 10%. This is the minimum super amount you must pay your eligible employees.

 

For information on changing the rate in your software have a look at these help articles: AccountRight | New Essentials | Original Essentials

 

What do you do if pay run span two payroll years?

If you're processing a pay that includes dates in June and July, the applicable super guarantee rate is based on the Payment Date:

 

pay.PNG

 

  • If the payment date is June 30 or earlier, the super guarantee rate for that pay should be 9.5%.
  • If the payment date is July 1 or later, the super guarantee rate for that pay should be 10%.

 

 

I processed my first pay in July using the old rate, what do I do?

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.

So if you forget to change the rate before processing the first pay in July, you just need to change the rate to 10% and the software will calculate and adjust the super accrual amount in the next pay run.

 

If you have created separate super guarantee payroll categories/pay items this adjustment will not occur as each category/pay item is unique.

 

Need additional assistance?

If you need further help on the rate increase you can refer to the ATO website or contact the ATO directly.

 

If you need assistance with handling the increase in your software please start a new post, we're always happy to help.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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