Remember to pay your June quarter Superannuation before the 28th of July, if you haven’t already paid it.
Superannuation on PAYG Summaries
Only the Employer funded superannuation IN EXCESS OF to 9.25% SG Superannuation needs to be reported on the PAYG Summaries. For example, if the employer chooses to pay 12% superannuation, you only need to report [12.00 - 9.25 =] 2.75% superannuation on the PAYG Summary. All Salary Sacrifice superannuation needs to be reported on the PAYG Summary.
The implementation of SuperStream has been delayed until 1st July 2015. SuperStream is the electronic payment of all superannuation payments, and this will become mandatory for all businesses. However, you can voluntarily pay your superannuation electronically for all employees now, and we recommend this.
For businesses of less than 20 employees, you can use the Small Business Superannuation Clearing House (see below). For businesses with 20 employees or more, there are a range of commercial providers offering this service. One of these that we have come across is Australian Super.
Alternatively, if you use Xero then you can pay your superannuation directly from Xero to the relevant super funds, using a clearing house that Xero has an arrangement with.
The Small Business Superannuation Clearing House is a free online superannuation payments service that helps small businesses with 19 or fewer employees meet their superannuation guarantee obligations.
The Small Business Superannuation Clearing House is now administered by the Australian Taxation Office (ATO). For more information or to access this online service, visit the ATO website.
Key features of the Clearing House
The Small Business Superannuation Clearing House is a free online service that will help reduce the administrative burden for your business.
Some of the key features of the service are:
you make one secure electronic transaction and the ATO distribute the superannuation contributions to your employees’ nominated superannuation funds
each time you make a contribution, your employees’ preferences are already pre-populated, so you only need to enter the contribution amounts
it minimises the time and paperwork involved in paying contributions to numerous superannuation funds
you can choose to nominate a regular contribution amount for an employee
it helps you meet your superannuation guarantee obligations, reducing red tape and associated compliance costs
you can obtain a record of your contribution history whenever you need it
once set up, it only takes a few minutes to process payments
it is available 24 hours a day, 7 days a week
For more information or to access this online service, visit the ATO website.
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The Teamrace Team hope you had a wonderful break over Christmas and New Year and we look forward to working with you in 2016.