On 1 July 20222023, the superannuation guarantee contribution rate increases from 10% to 10.5% to 11%. This is the minimum super amount you must pay all eligible employees from 1 July 20222023. Learn more about your super obligations.
Also be aware that the $450 earnings threshold for super is removed from 1 July 2022.
Set and forget the super guarantee rate
There's a new calculation basis in your superannuation guarantee pay item 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 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).
|UI Text Box|
|This option will display as Minimum required rate (10.00% 5% of gross wages) before 1 July, but from 1 July onwards it'll display as Minimum required rate (1011.50% 00% of gross wages).|
The Minimum required rate option means MYOB will automatically calculate the correct amount of super for your employees based on the Date of payment in the pay run.
- If the Date of payment is 30 June 2022 2023 or earlier, a super guarantee rate of 10% 10.5% is used.
- If the Date of payment is 1 July 2022 2023 or later, a super guarantee rate of 10.5% 11% is used.
What do I need to do?
You might not need to do anything.
The Minimum required rate option might be automatically selected for you, depending on how your super is currently calculating.