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Superannuation Increase & Payroll

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Written by: Institute of Certified Bookkeepers
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10% Super Guarantee (SG) Rate applies to all payroll “paid” on or after 1st July so Payroll Software setup will have to be changed before any pay is processed to ensure the 10% rate is applied properly.

Ensure that all payroll systems are up-to-date and comply with Single Touch Payroll (STP) & Superannuation requirements: these changes may not happen automatically so confirm with your Bookkeeper or BAS Agent on these changes have been updated.

When processing a payroll be mindful the latest 10% rate is applied to Ordinary Times Earnings amounts paid after 1st July 2021, irrespective of when those amounts accrued.

If a payroll is paid after the 30th of June 2021 then the whole amount for that period (even if some of the payroll period is in the month of June) will incur the 10% super increase. Do not use both rates.

When Amounts are Accrued

The 9.5% rate applies to Ordinary Time Earnings salary paid up to 30th June 2021. The new 10% rate will apply to OTE/salary amounts paid from 1st July 2021.

Super Guarantee Contributions Act Section 19 stipulates that SG is payable on payment date rather than earned date.

Quarterly salary or wages base, for an employer in respect of an employee, for a quarter means the sum of:

1. the total salary or wages paid by the employer to the employee for the quarter; and
2. any sacrificed salary or wages amounts of the employee for the quarter in respect of the employer.

For more information: Superannuation Guarantee (Administration) Act 1992 (legislation.gov.au)
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If you enjoyed this article and would like to see others, then click on the link below.
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Accountability BAS and Bookkeeping Services provide professional bookkeeping and BAS services to businesses in most Australian states.

What our clients say about us…

“I had the pleasure of being introduced to ABBS through Jo Bacon the WA representative. The professional service.  I have received has been so essential in assisting me with my new business, I am so grateful for the expertise, professionalism and excellent customer service I have experienced.” Marion B

“Thanks to Steve Cocks from ABBS we managed to get all the books up to date and in no time, … and that took the weight off my shoulders so I could focus on developing my business and moving forward in a more organized and structured way, keeping on top of things every month which makes life much easier.”  Elisabeth G

“As an ex-bookkeeper, I’m pretty fussy about how I like things done and I’ve found Caran from ABBS to be a pleasure to work with. She’s competent and efficient and now that I have her helping me with the bookkeeping for my business, I wouldn’t be without her.”  Sandy T

    “As a sole director of a regional law firm,  I’m very conscious of the need to have the proper business support, particularly in the areas of bookkeeping and trust accounting. Since I outsourced those components of my business to ABBS, I feel as if these vital components of my business are in expert hands and I can relax knowing that it is all being done properly , efficiently and legally.  Rob’s expertise with running a business including his insight with managing employees, his ready availability for a discussion at any time on any business matter, his advice and support, have been absolutely invaluable to CastleGate Law.  In addition, Janice from ABBS looks after my trust accounting through Leap with equal efficiency and expertise – she and Rob make a great team for any law firm.  Not only do I feel like I’m sharing the considerable burden of running a law firm, but I feel like in Rob I have someone on my side as a business owner, because of his implicit understanding of business matters, his encouragement and support. For all these reasons I cannot recommend ABBS highly enough as additions to any law firm or business partner. ”  Kate R
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1300 0 ABBS 0

(1300 022 270)

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If you would like a brief chat or schedule an online meeting, then call me on:

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If you would like to get an instant quote:
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To be able to provide you with a relatively accurate quote, we will need you to provide some core information that is used for this purpose only.

We suggest you have the bank statements or closely estimate the number of transactions on all business bank accounts and credit cards for the last three months.
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