Removal of Superannuation Guarantee threshold 2022/2023 Financial Year

Sunstate_Fruits

I have completed my payroll for 2021/2022 and therefore have installed Reckon Accounts 2022 tax update. I understand that in this update there is the increase of the Superannuation rate to 10.5% and the removal of $450 per month threshold of superannuation guarantee as of 1st July 2022.

I am just wanting to confirm that the the Tax Update has worked correctly, as I am seeing the "Monthly Threshold" check box is ticked, but it is also greyed out so I can't modify. I am just seeking confirmation it is all set up correctly in preparation for my first payroll run in 2022/2023 financial year.

Thank you

Rav

Hi @Sunstate_Fruits

Yes that's correct, the threshold has been removed and default rate increased to 10.5% in the tax table update.

Check out more info here -

https://help.reckon.com/article/x1tv19qhwq-what-s-new-reckon-accounts-2022-r-2

Sunstate_Fruits

Thank you Rav. I Appreciate the confirmation.