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https://help.myob.com/wiki/x/7IPeAw
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On 1 July 2021, the superannuation guarantee contribution rate increases from 9.5% to 10%. This is the minimum super amount you must pay all eligible employees from 1 July onwards. Learn more about your super obligations on the ATO website.
There's a default pay item in MYOB that's used to calculate these super contributions. You'll find it via Payroll > Pay items > Superannuation tab.
And unless you've renamed it, it's called Superannuation Guarantee. Tell me more about superannuation pay items.
Before processing your first pay in July 2021
You'll need to check the superannuation guarantee pay item in MYOB to make sure it's set to 10%. If you started using MYOB on 1 July or later, the rate should already be set to 10%. But if you've been using MYOB for a bit longer, you'll need to manually update the rate from 9.5% to 10%.
If you use additional superannuation pay items, we recommend checking each of them 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.
- Go to the Payroll menu and choose Pay items.
- Click the Superannuation tab.
- Click to open the Superannuation Guarantee pay item.
- Make sure the Calculation Basis is set to 10.00%. If it's not, you'll need to update it.
- Click Save.
FAQs
What super rate do I use for pays that span payroll years?
If you're processing a pay that includes dates in June and July, the applicable super guarantee rate is based on the Date of payment.
For example:
- If the payment date is June 30 or earlier, the super guarantee rate for that pay should be 9.5%.
- If the payment date is July 1 or later, the super guarantee rate for that pay should be 10%.
What if I need to record a pay in the previous payroll year after updating my super rate?
If you've already updated your Superannuation Guarantee pay item to 10%, you won't be able to use that pay item for pays dated in the previous payroll year (when the rate was 9.5%).
Instead, you'll need to create a new super pay item for 9.5% and assign it to the applicable employees. Be aware that if you've already finalised your STP information for the payroll year, you'll first need to undo the finalisation. Learn more about Changing a pay after finalising with Single Touch Payroll.
- Create a new superannuation pay item (Payroll menu > Pay items > Superannuation tab > Create super pay item).
- Name the new pay item "Superannuation Guarantee 9.5%" (or similar), and set the rate to 9.50%.
- Under Employees using this pay item, choose the employees you'll be paying for the previous payroll year.
- Click Save.
- Click to open the Superannuation Guarantee pay item (the one you've set to 10%).
- Under Employees using this pay item, click the delete
icon to remove the same employees you chose at step 3. This ensures they won't receive 2 lots of super payments. - Click Save.
You can now process the pays in the previous payroll year and the correct (9.5%) super will be calculated.
After processing the pays
Once you're done, you'll need to remove the 9.5% super pay item from those employees, and re-enable to 10% super pay item for them:
- Open the Superannuation Guarantee 9.5% pay item and remove all employees by clicking the delete icon next to each of them.
- Open the Superannuation Guarantee pay item (the one you've set to 10%) and re-assign it to each applicable employee.
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