Superannuation rate change from 9% to 9.25% from 1 July 2013
If you use standalone software like MYOB or Quickbooks etc you will need to change the compulsory superannuation guarantee rate to 9.25 % for any payroll processed after 30 June 2013.
Accounting/payroll provided by online vendors like Xero or Saasu should update this for you automatically.
| Year range |
Super Rate |
| 2012 – 2013 |
9% |
| 2013 – 2014 |
9.25% |
| 2014 – 2015 |
9.5% |
| 2015 – 2016 |
10% |
| 2016 – 2017 |
10.5% |
| 2017 – 2018 |
11% |
| 2018 - 2019 |
11.5% |
| 2019 - 2020 |
12% |
To update superannuation guarantee rate in MYOB for payroll after 1 July 2013:
- <Payroll>
- <Payroll categories>
- Select "Superannuation" tab
- Select "Superannuation Guarantee"
- Edit under calculation basis from 9% to 9.25% of Gross Wages
- <OK> <Closed>
For MYOB you may also need to consider an upgrade at
http://myobaustralia.custhelp.com/app/answers/detail/a_id/34311/kw/bas
Superannuation Guarantee for employees 70 or more from 1 July 2013
From the 1 July 2013 compulsory superannuation guarantee must be paid for all employees including employees aged 70 and over.
Up until the 30 June 2013 it was NOT compulsory for a business to pay 9% Superannuation Guarantee to an employee who has reached the age of 70 or more.
Superannuation Guarantee payments must be electronically made from 1 July 2013
From 1st July 2014, a business will not be able to pay their super obligation by cheque. It must be paid electronically via BPay, Direct Credit or Direct Debit.
Businesses with 19 or fewer employees may consider using Small Business Clearing House.
Further details can be found at the following weblink including how to register.
CPA
The Tax Institute