Changes to Superannuation
As of 1 July 2021, there will be a 0.5% increase in superannuation guarantee rate, increasing it from 9.5% to 10%. There will be a 0.5% increase each year until 2025 where super will be at 12%. It is important to ensure that payroll and accounting systems reflect this change.
MYOB
You will need to check the superannuation guarantee payroll category in your company file to make sure it is set to 10%. If you are using a new company file (started on 1 July 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 will need to manually update the rate from 9.5% to 10%.
XERO
Xero automatically updates superannuation guarantee contribution rate increases. Xero applies the correct rates for superannuation. Like tax tables, they store superannuation guarantee rates and retrieve the right percentage based on the payment date of your pay runs.
For more information or assistance please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au