Super guarantee rate increase - 1 July 2022

[Tracey_H]

Hi Everyone

On the 1 July 2022 the superannuation guarantee rate increases from 10% to 10.5%. This is the minimum super amount you must pay your eligible employees.

Set and forget the super guarantee rate

If you're using the latest AccountRight version, there's a new calculation basis in your superannuation guarantee payroll category called Minimum Required Rate. This option caters for the 1 July rate increase and any future rate increases.

You'll see this new option in all super payroll categories where the Contribution Type is set to Superannuation Guarantee (expense). For example, you'll see it in your default super guarantee payroll category (Payroll > Payroll Categories > Superannuation tab > Superannuation Guarantee).

We've added the new calculation basis in MYOB Business/Essentials too. You'll see this new option  in all super pay items where the Contribution type is set to Superannuation guarantee (expense). For example, you'll see it in your default super guarantee pay item (Payroll menu > Pay items > Superannuation tab > Superannuation guarantee).

For detailed information refer to these Help Articles: AccountRight | MYOB Business/Essentials

If you do have questions or need help please don't hesitate to start a new post.