The Superannuation Guarantee rate rises from 9.5 to 10% on July 1st 2021.
XERO
Xero have advised us that as long as your pay template under each employee is set at the statutory rate (as per below), there is no need to do anything.
If the setting is not set to Statutory Rate, click on the name of the superfund (blue writing) to open up the settings box.
MYOB
MYOB have indicated that we may need to manually amend the rate. To do so please follow below steps.
- Click on Payroll
- Click on Payroll Categories
- Select Superannuation Tab
- Superannuation Guarantee
- Change Calculation Basis = 10%
If any employees are on annual salaries that are inclusive of superannuation, as opposed to hourly rates, the net salary will need to be manually calculated taking into account the rate increase.