From 1 July 2021, the Superannuation Guarantee (S.G) for all Australian employers moved from 9.5% to 10%. The superannuation guarantee is simply the rate of compulsory payments employers must make on workersβ wages.
Employers must contribute additional superannuation, increasing by 0.5% from 1 July until the 12% goal by 2025.
It depends on the employment contract. For employees working under a basis such as Enterprise Agreements, Minimum pay standards or Modern Awards where there are prescribed rates of take home pay, then they are unlikely to see an impact. Workers under an employment contract based on total remuneration, or a total salary package βincluding superβ may see slightly less take home pay from July 1, where the additional 0.5% is redirected from pay into Superannuation.
The Australian Taxation OfficeΒ has a useful calculator to help determine who is eligible for super.
QuickBooks Payroll powered by Employment Hero is always updated to support the latest compliance requirements.
Users of QuickBooks Payroll can be confident that Employment Hero have applied the S.G increase automatically for eligible businesses who have configured these requirements.
See ourΒ Help and Support articleΒ for any further assistance on updating rates. See more information on the benefits ofΒ QuickBooks Payroll.
Check out these links if you need help gettingΒ superannuation contributions set up in QuickBooks, or setting upΒ Superannuation payments with Beam.
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