Superannuation

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Feb 16

Behind with your Super payments?

Paying superannuation to your employees is an important part of being an employer.

If you miss a payment, super guarantee charge (SGC) may apply, and you will need to lodge an SGC statement the following month.

SGC is non-deductible, made up of:

  • super guarantee (SG) shortfall
  • interest on the shortfall (currently 10% pa)
  • an administration fee of $20 per employee per quarter.

Even if you pay SG at a later date, SGC may still apply. However, you can use the late payment to either offset the SGC or carry it forward as a prepayment of a future contribution for the same employee.

If you think you may be at risk of getting behind with SG payments, contact the ATO as soon as possible so we can work with you to get you back on track.

See the ATO website for more information:

https://www.ato.gov.au/Newsroom/smallbusiness/Super/Behind-with-your-super-payments-/

Jan 25

Superstream

If you are paying your employees’ Superannuation Guarantee quarterly, it is due before this Thursday 28 January 2016. You probably should have paid it by now to make sure the funds were deposited into your employee’s superfund before the due date so that you make sure you are eligible for the tax deduction in your year end tax return.

If you are not sure how to keep track off and pay the Superannuation, we can assist you at Northern Beaches Bookkeeping Solutions. The new Superstream legislation comes into effect on 1 July 2016 for small business with a turnover of less than $2 million and/or under 19 employees which means you must pay your super through some type of clearing house electronically. For larger business’ you should already be complying with this legislation.

The accounting software companies have risen to the occasion so if you are currently using MYOB (Essentials or Accountright Live) or XERO (at least the $60 monthly plan), then we can show you how to easily setup your super and pay it with one click.

For more information on your Superstream requirements, follow this ATO link – https://www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/SuperStream/

SuperStream – https://www.ato.gov.au/Super/SuperStream/ – from the ATO website

SuperStream is a standard for processing superannuation data and payments electronically. It must be used by:

SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

This means:

  • employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
  • contributions and rollovers can be processed faster, more efficiently and with fewer errors
  • people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.