![]() 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:
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Being a small business owner is a unique experience which can involve stress and pressure coming from many directions.
If you aren’t sleeping, struggling to concentrate, or are just feeling overwhelmed by day-to-day challenges, consider NewAccess for Small Business Owners. Developed by Beyond Blue, NewAccess for Small Business Owners is a free mental health coaching program offering flexible phone and video call support options for small business owners so they can manage stress and improve their mental wellbeing. Coaches of the NewAccess for Small Business Owners program all have a small business background, allowing them to better understand the challenges small business owners may face. No doctor’s referral is required. “One great thing about NewAccess was the accessibility. I was under so much stress financially and it was free.” — NewAccess participantTo find out more or enquire today visit beyondblue.org.au/newaccess-SBO, or if you know a small business owner, let them know about the new program. |
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