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Australia only

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).

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.

For example:

• 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.

If you use multiple superannuation pay items, we recommend checking each of them to see if they need changing based on this rate increasethe Calculation basis is set correctly. If you're not sure about the impacts of this change any super rate changes on your business, check with your accounting advisor or the ATO.

<h2><i class="fa fa-comments"></i>&nbsp;&nbsp;FAQs</h2><br>

What super rate applies to pays that span payroll years?

If you've chosen Minimum required rate as the calculation basis in your super guarantee pay item, the applicable rate will be used based on the Date of payment in the pay run.

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For example:

• If the Date of payment is June 30 or earlier, a super guarantee rate of 10% 10.5% will apply.
• If the Date of payment is July 1 or later, a super guarantee rate of 10.5% 11% will apply.

This means if the pay period includes dates in June and July, the Date of payment will determine which super rate will be applied.

What super rate is used if I process a pay in June with a July date of payment?

If you've chosen Minimum required rate as the calculation basis in your super guarantee pay item, the applicable rate will be used based on the Date of payment in the pay run.

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For example:

• If the Date of payment is June 30 or earlier, a super guarantee rate of 10% 10.5% will apply.
• If the Date of payment is July 1 or later, a super guarantee rate of 10.5% 11% will apply.

This means if the pay period includes dates in June and July, the Date of payment will determine which super rate will be applied.

What if my business chooses to pay a higher rate of super?

If you pay your employees more than the minimum super guarantee rate, you can either:

• choose the calculation basis Equals a percentage of wages in the super guarantee pay item and enter the super rate you're paying, or
• use 2 super guarantee pay items to clearly show the additional super on your employees' pay slips:
  • In the first super guarantee pay item, choose the calculation basis Minimum required rate.
  • Create a separate super guarantee pay item for the additional percentage. For example, if you pay 3% above the minimum super rate, set up the additional super pay item with the calculation basis set to Equals a percentage of wages and enter 3% as the percentage. Both super pay items will show on your employees' pay slips making it clear they're receiving a higher contribution. Learn more about Additional superannuation contributions.