Be ready for the EOFY 2020/21 with KeyPay
Superannuation Guarantee (SG) rate
The legislated SG rate will increase from 9.5% to 10%. This rate will be updated automatically for eligible businesses that have configured these requirements.
Genuine redundancy cap
The genuine redundancy cap has increased to $11,341 (base limit) and then $5,672 for each completed year of service.
Employment Termination Payment (ETP) cap
The ETP cap for life benefit termination payments has increased to $225,000.
Maximum Superannuation Contribution Base (MCB)
The MCB will increase to $58,920 per quarter. You will see the new MCB amount displayed in the employee pay run defaults screen in KeyPay from 1 July. Prior to this date, the system will keep showing the MCB rate applicable for the 2020-2021 Financial Year.
Study and Training Support Loans (STSL)
STSL updates have been applied for the new financial year due to the annual indexing of the repayment income thresholds.