The Super Guarantee Rate has increased to 10% from 01 July 2021. Further increases of 0.5% per year are to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards.
You will need ensure updates have been made in your accounting software in order to pay your employees the new guarantee amount. Each program has a slightly different process, so we have compiled a quick guide below on how to update Xero, MYOB and Reckon.
- Xero handles superannuation guarantee (SG) contribution rate increases and updates them for you. If your employee has the Statutory Rate option selected, the new rate is automatically applied in pay runs with a payment date of 1 July 2021 onwards.
- If your employee doesn’t have the Statutory Rate option selected, you can review this in their Pay Template and manually update the rate if needed.
- Click here for detailed instructions from Xero
- If you’re using a new company file (started on 1 July 2021 or later) in the latest AccountRight version, the rate should already be set to 10%.
- But if you started using your file before 1 July 2021 you’ll need to manually update the rate from 9.5% to 10%.
- Click here for detailed instructions from MYOB
- Reckon Accounts 2021 contains this automatic update.
- Please click here access your installation key and download the latest version if you have not already done so. (You must process employee pays for the 2020/21 financial year PRIOR to installing this update.)
If you require assistance in ensuring you are paying the correct super rates, please do not hesitate to get in touch with us before your next pay run.