Super rate increase from 1 July 2021

The mandatory superannuation guarantee rate increased from 9.5% to 10% from 1 July 2021. Before you do your first pay in July, you should check Check that your employees' superannuation guarantee rate is set to 10%.

Check the ATO website to learn more about super and for help working out if you need to pay super.

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

When you use MYOB's super portal to pay superannuation, the money will be automatically paid from your bank account. But this won't affect your MYOB software accounts. You'll need to record the payment transaction yourself.

If you're using:

• MYOB Essentials and you've got bank feeds on this bank account, this is easy. When the super payment transaction appears in your bank feed, just allocate it to your Superannuation Payable liability account. If any of your employees have a salary sacrifice agreement you'll need to allocate this amount to the Payroll Deductions account.
• AccountEdge, AccountRight v19 or MYOB Essentials but you don't have bank feeds, you can create a Spend Money transaction for the amount of the super payment. Allocate it to your Superannuation Payable liability account.

To change your bank account details after you've signed up, complete the change request form and return it to superportal@myob.com. We'll make the changes and let you know when it's done.

Can I pay my super contributions through a 3rd party clearing house?

If you're paying super through a 3rd party, make sure you're complying with the ATO's SuperStream requirements.

You'll also need to update MYOB Essentials each time you make a super payment by completing the following:

• Take note of the super contributions to be processed on the Pay superannuation page in MYOB Essentials (see above for details). You'll need these details, such as the employees' names and contribution amounts, to be able to make their super payments.
• Select the super payments to be paid on the Pay superannuation page and click Pay super (see above for details), then click Download super file. This clears those payments from the page and helps you keep track of payments yet to be paid, i.e. those payments remaining on the Pay superannuation page. It's up to you where you save the downloaded file and what you do with it. Check with your super clearing house about how to provide them your super payment info.
• Enter the transaction in MYOB Essentials for the super payments.

  • If you have bank feeds on the bank account your super payments are paid from, allocate the withdrawal transaction to your Superannuation Payable liability account.

  • If you don't have bank feeds on this bank account, create a spend money transaction for the total payment. See Recording super payments made through MYOB's super portal for details.