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In 2021, the Australian Government announced via the Federal Budget that the Superannuation Guarantee (SG) Rate would increase incrementally by 0.5% each year until 12% was reached in 2025. Last year, the rate went up to 10.5% and on 1 July 2023, it is set to increase to 11% as planned.

These changes incur financial impacts for employers and increased administrative processing for payroll staff, so it is important to be prepared for the additional workload required to implement the new rates.

The ATO have not indicated any grace period for employers to adopt the new SG obligations and have suggested that employers who do not meet the requirements on time may have to pay them a Superannuation Guarantee Charge (SGC) to rectify any mistakes. This charge is made up of SG amounts owing to their employees, plus interest and ATO administration fees.

Employers who do not make the correct SG payments to the correct super fund will need to report and rectify missed payments through an SG statement to the ATO, so it is important to manage this change effectively and on time.

Keeping your employees in the loop about these changes and in a small number of cases, any effects to their take-home pay should be done well ahead of 1 July 2023. Speak to your trusted business advisor about how to best manage this process so you can start having conversations as early as possible.

As some employers provide superannuation at rates greater than the required minimum, the update to superannuation rates is not automated in Sybiz Visipay. Instead, a manual process to review and update Staff Types can be performed easily via the Lookups menu (see below).

Instructions on how SG rates can be updated in Sybiz Visipay are available below and will be covered in Sybiz’s annual end of financial year webinar in June. Alternatively, please contact your Sybiz Authorised Business Partner for further assistance.
 

How to update superannuation in Sybiz Visipay from version 23.10

A Staff Type import facility is now available, making the update easier to perform. In Sybiz Visipay select Utilities > Export > Employee Data and select to Export From: Staff Types and step through the wizard. Make the relevant changes and save the changes.

To update the superannuation settings for the staff types, select Utilities > Import > Employee Data and select to Import To: Staff Types and step through the wizard. You will need to make the change after you have completed processing in 2022/23 and prior to processing your first pay in the 2023/24 financial year.