Warning: Invalid argument supplied for foreach() in /home/customer/www/baplink.org.au/public_html/wp-content/plugins/use-any-font/includes/functions/uaf_font_functions.php on line 469
Superannuation Guarantee - Increasing to 10% from 1 July 2021 - Baplink

Superannuation Guarantee – Increasing to 10% from 1 July 2021

As many of you would be aware, the compulsory Superannuation Guarantee Contributions (SGC) will increase from 9.5% (current rate) to 10.0% from 1 July 2021.

Each financial year, the superannuation guarantee rate will gradually be increasing to a rate of 12% by 2025. For more information, visit the following page: 

https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?anchor=Superguaranteepercentage

How this change will work in Xero

If you have set your employees super lines to ‘SG Contribution’ then Xero will automatically take care of this percentage increase for you.

To check:

  1. Blue Payroll menu > Employees
  2. Select a particular employee
  3. Click on the Pay Template tab
  4. Have a look at the Superannuation line/s
    You should see something like the highlighted below. The most important field is the far right field saying ‘Statutory Rate’ which means Xero will take care of the change. 

If you do not see a ‘Statutory Rate’ percentage line in any employee’s Pay Template, you will need to make the change. Click here for the Xero Central help page on this process.

    Visit us:

    QB Centre, Building 1 - 37 Redgum Place, Gaythorne QLD 4051

    Office Hours:

    8:00am - 4:30pm Mon to Fri
    l

    Post:

    PO BOX 6166, MITCHELTON QLD 4053

    Phone Us:

    1800 650 062 (toll free)

    Fax:

    07 3354 5605