Staying Super Compliant

Further to our article posted on 04.06.2021, MYOB and Xero have now announced how they are implementing the superannuation guarantee (SG) rate rise on 1 July 2021.

If you are using Xero – good news, there is nothing that you need to do as Xero will automatically update the super rate to 10%.

if you have an MYOB file, you will need to manually update the rate from 9.5% to 10%. Before processing your first pay in July 2021, but after your final pay run in June 2021, please change the SG rate as follows:

MYOB Account Right

1. Go to the Payroll command centre and click Payroll Categories
2. Click the Superannuation tab
3. Click the blue arrow to open the Superannuation Guarantee payroll category
4. Under Calculation Basis, make sure it is set to Equal 10.00% of Gross Wages
5. Click OK

MYOB Essentials

If you have the NEW version of Essentials:

1. Go to the Payroll menu and choose Pay items
2. Click the Superannuation tab
3. Click to open the Superannuation Guarantee pay item
4. Under Calculation Basis, make sure it is set to 10.00%
5. Click Save

If the above steps do not work, you will need to update for each employee as follows:

1. Go to the Payroll menu and choose Employees
2. Click an employee’s name
3. Click the Superannuation tab
4. Under Super guarantee, make sure the Employer contribution is set to 10%
5. Click Save
6. Repeat for each employee

If you have any questions regarding the above, or need assistance changing the SG rate, please contact our office.

– Brad Sheaves & Megan McKay

Posted 21.06.2021

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.