How is superannuation calculated in MYOB?

How is superannuation calculated? In a given month, superannuation is calculated on an employee’s pay as follows: The amount of pay for the month MULTIPLIED by the current super rate (10%, increasing to 10.5% on 1 July 2022) MINUS super already calculated for that month.

How is employee superannuation calculated?

How to calculate superannuation. Super is calculated by multiplying your gross salary and wages by 10%; this is known as the superannuation guarantee. Super is based on your Ordinary Time Earnings (OTE).

Why is my super not calculating in MYOB?

Re: MYOB not calculating the 10% super correctly. Go to the Payroll>>Payroll Categories>>Superannuation>>Select the desired category. Take note of the Calculation basis. Select the Exempt button and take note of the categories that are ticked in that window.

Does MYOB automatically update super rate?

So if you forget to change the rate before processing the first pay in July, you just need to change the rate to 10.5% and MYOB Essentials will calculate and adjust the super accrual amount in the next pay run. Learn more about how super is calculated in MYOB Essentials.

How do I reconcile my super?

Reconcile super payments

  1. Go to the Dashboard.
  2. Find the bank account your super payments went out of, and click Reconcile items.
  3. Find the statement line for your super payment.
  4. On the Create tab on the right hand side: In the Who field, enter the name of the super fund.
  5. Click OK to reconcile.

How do I reconcile super in MYOB essentials?


  1. Enter a transaction in MYOB Essentials for the returned super payment.
  2. Download a new super contribution file containing for the payment to be re-submitted.
  3. Pay the contribution through MYOB’s super portal.
  4. Enter the transaction in MYOB Essentials for the resubmitted super payment.

What is Super calculated on ATO?

The minimum superannuation you must pay for each eligible employee is 10% of their ordinary time earnings (OTE). However, it’s scheduled to progressively increase to 12% by 2025. This is called the super guarantee (SG) and is paid at least quarterly.

How is Super calculated from total package?

Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or wages.) So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750.

How do I record my superannuation payment in MYOB AccountRight?

To make superannuation payments

  1. Go to the Payroll command centre and click Pay Superannuation.
  2. In the Pay From Account field, select the bank account from which you’re paying.
  3. In the Payment Start Date and Payment End Date fields, select the date range for which you want to view payments.

How do I adjust super in MYOB essentials?

To make the super adjustment in a separate pay Start a new pay for the employee and zero out all hours and amounts from the pay. Then enter the super adjustment amount in the Super field. Here it is in action showing $100 being paid in super to make up for an earlier underpayment.

How do I change my super rate in MYOB?

Changing your Pay Super payment details

  1. Go to the Pay Superannuation window in the Payroll command centre.
  2. Click Pay Super Settings.
  3. If you’re prompted, enter your MYOB account details.
  4. Go to the Your Payment Limit section and click Edit details.
  5. Enter the SMS code.
  6. You can now change the payment limit dollar amount.