loader image

Home > Blog > A guide to staying compliant with super rate increases: MYOB & Xero

A guide to staying compliant with super rate increases: MYOB & Xero

Date: 15 July 2022

From 1 July 2022, the base SGC rate increases from 10% to 10.5%, and the $450 minimum monthly earning threshold is removed. This means all payments are subject to superannuation for all eligible employees.

For our clients, this might mean you may need manually update the rate in your MYOB & XERO software.

MYOB

MYOB has added a new calculation basis in your default superannuation guarantee pay item called “Minimum required rate.” For example, you will need to click Payroll menu>Pay items>Superannuation tab>Superannuation guarantee, to update to the minimum 10.5% required rate.

The 10.5% SG rate will be updated for all employees linked to the Superannuation guarantee pay item.
For more information click here.

XERO

In XERO payroll, if your employee has the Statutory Rate option selected, the new rate is automatically applied in pay runs with a payment date of 1 July 2022 onwards. If your employee doesn’t have the Statutory Rate option selected, you can review this in their Pay Template and manually update the rate if needed. More information on how to do this is here.

Know More

Property Subdivision Projects: The Tax Implications

Property Subdivision Projects: The Tax Implications

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these...

read more
Business Deductions

Business Deductions

Understand which business expenses can be claimed as tax deductions. What you can claim You can claim a tax deduction for most expenses you incur in carrying on your business if they are directly related to earning your assessable income. Types of business expenses...

read more
Year-End Tax Planning & What’s New from 1 July 2025

Year-End Tax Planning & What’s New from 1 July 2025

As we approach the end of the 2024–25 financial year, now is the final time to review your tax position and take advantage of strategies to legally minimise your tax liability. Below are key areas to consider before 30 June 2025, along with important changes taking...

read more