Superannuation guarantee increase
Superannuation Guarantee rate increase to 10.5% from 1 July 2022
On 1 July 2022, the superannuation guarantee (SG) rate will increase from 10% to 10.5%. The Norfolk Island transitional SG rate will increase from 6% to 7%. The rate you’re required to use depends on when your employee is paid, not when the income is earnt.
This means the new rate will need to be applied to any payments of salary or wages made on or after 1 July 2022, even if some or all of the relevant pay period is before 1 July.
To prepare for these changes, check your payroll and accounting systems are updated to incorporate the increase to the super rate. The SG rate is scheduled to progressively increase to 12% by 2025.
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How do you work out if you have to pay super to an employee?
Currently, if you pay a worker $450 or more in a month, generally you must also pay super guarantee. From 1 July 2022 you’ll need to pay super guarantee contributions to an employee’s super fund regardless of how they are paid.
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Don’t forget to update your software!
With the superannuation guarantee increase to 10.5% for all payroll processed on or after 1 July 2022, it is important to check that your payroll software is displaying the correct rate. You will need to do this AFTER your last payroll for June 2022, but BEFORE you start your first payroll in July 2022.
From 1 July 2022, the software will automatically be updated be updated and will show the superannuation guarantee rate as 10.5%. If you are using manually created superannuation categories, you will need to manually change the rate.
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MYOB AccountRight and MYOB Essentials
From 1 July 2021, provided you have the latest update installed, the software will automatically show the superannuation guarantee rate as 10%,. If you are using customised superannuation categories, you may need to manually change the rate.
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From 1 July 2022, the software should automatically be updated to show the superannuation guarantee rate as 10.5%. If you are using customised superannuation categories, you may need to manually change the rate.
Further queries or questions?
Let us know if we can assist you in any way with this latest update to the Superannuation Guarantee. Pleas phone our office number 08 6315 2700 for assistance or you can email us at firstname.lastname@example.org.
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The material and contents provided in this publication are informative in nature only.
It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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