SUPER RATE INCREASE – WHAT TO DO

𝐈𝐬 𝐲𝐨𝐮𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐫𝐞𝐚𝐝𝐲?

As you may be aware the Superannuation Guarantee rate increases from 9.5% to 10% starting 1 July 2021. Depending on the software that you use, your system may update automatically. It is important that you check now that your settings within your accounting software package are ready for 1 July. If your business has employees, here’s what needs to be done in our most common software packages to ensure super for your staff is calculated at the correct new rate:

MYOB AccountRight – you will need to manually make the change using the following instructions: https://help.myob.com/wiki/display/ar/Changing+the+superannuation+guarantee+rate

MYOB Essentials – you will need to manually make the change using the following instructions: https://help.myob.com/wiki/display/ea/Changing+the+superannuation+guarantee+rate

QuickBooks Intuit – this will automatically been updated, provided your settings are correct. To check, go to Employees >Payroll Settings > Details. At the bottom of this page, tick ‘Automatically update super rates’.

Reckon Hosted – you will need to upgrade your software as per the following instructions: https://help.reckon.com/article/qgpm1o358v-upgrading-to-reckon-accounts-hosted-2021-r-2

Xero – this has automatically been updated, however it is a good idea to check that it’s definitely updated. You can do this by going to Payroll > Employees > Pay template and make sure the super funds are set to ‘Statutory Rate’.

If you’re on a different software and need a hand, please don’t hesitate to call your accountant here at the office for help!

‍