Important Notice for anyone using MYOB Essentials or MYOB AccountRight
As of the 1ST of July 2021, the super guarantee rate changes from 9.5% to 10%
MYOB ESSENTIALS USERS
It is particularly important for you that before you prepare your first pay run paid in July (even if it is for work carried out in June) , that you go into EACH employee’s card file and manually update the percentage rate from 9.5% to 10%
FOR MYOB ACCOUNTRIGHT USERS
At this stage, it is not 100% clear whether MYOB AccountRight will automatically update from 9.5% to 10%. Our understanding is
that MYOB are addressing this issue with their latest version (2021.3) We recommend that you update your MYOB to this version as soon
as possible and that you double check the rate SGC is calculated on when you prepare your first pay run in July. If you are not sure
where to find it – please follow these steps here. https://help.myob.com/wiki/display/ar/Checking+and+adjusting+superannuation#expand-Tocheckthatthesuperannuationcategoryissetupcorrectly
Unlike MYOB Essentials, you only have to do this once and it will carry across to all employees.
XERO USERS OF THE WORLD UNITE
For those that don’t know – there is often friendly office banter between Syarna & myself as to which software is the far superior one – MYOB (me) or Xero (Syarna). It really pains me to admit this, but from my research - Xero is all over this, and has an article confirming that they handle all rate increases & updates
https://central.xero.com/s/article/Updates-to-superannuation-guarantee-contributions#Howitworks. So Xero users, sit back, relax, and put your feet up as there is nothing further for you to do, except enjoy this little victory.
If you have any questions on updating your MYOB SGC settings (either Essentials or AccountRight), please do not hesitate to contact either
myself allison@mwpartners.com.au or your account manager.
Kind regards
Allison Gigl
Information provided here is correct at the time of publishing, but is subject to further updates from the software providers
mentioned