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

The power of tax planning

The power of tax planning

No one wants a surprise when it comes to their tax obligations! With the March BAS soon to be prepared it is an appropriate time to talk to your accountant about year-to-date results and look at long term opportunities. Reduce tax liability: One of the primary reasons...

read more
x2 Grant Opportunities Available!

x2 Grant Opportunities Available!

The NSW Government has recently introduced two grant opportunities: Farms of the Future Agtech Grant Program Energy Efficiency Grants for Small and Medium Sized Enterprises (Round 1) Farms of the Future Agtech Grant Program The Farms of the Future (FoTF) Program will...

read more
Estate Planning Case Study

Estate Planning Case Study

Tax + Legal Estate Planning Case Study The following case-study is an adaptation of a real-world solution provided by the Roberts + Morrow Tax + Legal team. Background Jeremy and Lisa have recently considered their succession and estate plans, approaching Roberts +...

read more