Follow

Superannuation Obligations 2021/2022

At the beginning of each financial year, you should check that the SGL Percentage & Quarterly Super Cap (max contribution base) in all of your relevant Wagemaster award configurations are up to date.

In the new financial year, there are two changes to employer superannuation that you must have in place before you begin paying employees. There is also clarification around a third topic:

  1. The employer Superannuation Guarantee Contribution (SGC) increases to 10%.
  2. The new Quarterly Contribution Cap associated with limiting high-earners super guarantee has increased from $57,090.00 to $58,920.00
  3. Change to minimum monthly earnings announced in the May 2021 budget but not due until July 2022.
Superannuation contribution quarterly cap updates will need to be performed within individual awards if the quarterly cap is applicable. These changes will be done manually in each award.
 

It is important that you check each award configuration in Wagemaster has the Superannuation Guarantee Cap increased in accordance with the applicable value for 2021/2022. 

  • Go To:  Setup > Award > Select the award > Payments > Superannuation.6.png
  • The screenshot below is an example of the superannuation configuration for all NES awards. Note the Superannuation Guarantee Cut-in Amounts remain unchanged at $450. Please check with your relevant associations or Fair Work if you are unsure of your own requirements for this. Screenshot_2021-06-10_100336.png
  • Superannuation parameters need to be setup as per the Super Guarantee Levy (SGL) as set by the ATO as a minimum or in accordance with your association guidelines. Payment conditions do need to be considered carefully as they will affect the calculation.
  • Remember the SGL calculation is a monthly calculation, rather than a per pay calculation. Therefore, if checking a super calculation for an employee, it needs to be done in the context of all pays saved in the month, rather than a single payslip. 

  • It is important to check each award configuration in Wagemaster to ensure the increased SGL to 10% and quarterly contribution cap of $58,920.00 are in place.
  • If a super adjustment is required, do this in the last pay of the month as it will affect your super tracking and may result in underpayment of superannuation to your employees. 

Please Note

The Superannuation Guarantee Cut-in Amount is $450. Please check with your relevant award associations or Fair Work if unsure. 

Was this article helpful?
2 out of 3 found this helpful
Have more questions? Submit a request

Comments