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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:

  1. <Payroll>
  2. <Payroll categories>
  3. Select "Superannuation" tab
  4. Select "Superannuation Guarantee"
  5. Edit under calculation basis from 9% to 9.25% of Gross Wages
  6. <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.

http://www.humanservices.gov.au/business/services/medicare/small-business-superannuation-clearing-house/