From 1 July 2021 the Superannuation Guarantee rate will increase from 9.5% to 10%.
If you are an employer, you will need to ensure that your accounting and payroll systems are correctly updated to reflect this increase. This includes checking your existing settings in the software.
For salary and wage payments made on or after 1 July 2021, the new superannuation guarantee contribution rate of 10% will apply.
Super guarantee contributions for the quarter ending 30 June 2021 should be calculated at the old rate of 9.5%.
Using Xero?
If you are using Xero and an employee's superannuation is set to calculate based on the statutory rate there is nothing to action, Xero have advised this will update automatically.
Using MYOB?
For advice regarding MYOB, please visit the MYOB website.
Using Quickbooks?
There is nothing that needs to be done - QBO will automatically update all super rates within the system that are currently set at the default rate each time it increases.
For advice regarding QBO please visit the Quickbooks website.
The Superannuation Guarantee rate is set to increase progressively to 12% by July 2025.
Do you need help with superannuation settings for your employees? Get in touch with our team today.