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On 1 July 2021, the superannuation guarantee contribution rate increasd from 9.5% to 10%. This is the minimum super amount you must pay all eligible employees from 1 July 2021. Learn more about your super obligations on the ATO website.
You can check the super guarantee rate for each employee to make sure it's set to 10%. If you started using MYOB Essentials on 1 July 2021 or later, the rate will already be set to 10%.
If your employees have additional superannuation contributions, we recommend checking how they're set up to see if they need changing based on this rate increase. If you're not sure about the impacts of this change on your business, check with your accounting advisor or the ATO.
What if I processed a pay in July using the old rate?
That's OK because 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 MYOB Essentials will calculate and adjust the super accrual amount in the next pay run.
What if I need to record a pay in the previous payroll year after updating my super rate?
If you've already updated an employee's Super guarantee rate to 10% and you need to process a pay for them in the previous payroll year, you'll need to change their rate back to 9.5%. Just follow the steps above to change their super rate.