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Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay superannuation on top of their wages.
The minimum you must pay is called the Superannuation Guarantee.
- The super guarantee is currently 9.5% of an employee’s ordinary time earnings.
- You must pay super guarantee contributions to your employees' chosen superannuation funds at least four times a year, by the quarterly due dates (learn how to pay super).
- Super guarantee contributions are not reportable on your employees' payment summaries, but additional contributions may be, such as salary sacrifice. Check the ATO website for help working out if a contribution is reportable.
AccountRight comes with a set of superannuation categories which you can use to calculate and track your employees' super payments. To view these categories, go to the Payroll command centre and click Payroll Categories then click the Superannuation tab.
A superannuation category will be one of the following contribution types:
|Employee Additional (deduction)||The contribution is deducted from the employee's net pay.|
|Employer Additional (expense)||The contribution is paid by the employer in addition to gross pay.|
|Productivity (expense)||The contribution is paid by the employer in addition to gross pay.|
|Redundancy (expense)||The contribution is paid by the employer in addition to gross pay.|
|Salary Sacrifice (deduction)||The contribution is deducted from the employee's gross pay.|
|Spouse (deduction)||The contribution is deducted from the employee's net pay.|
|Superannuation Guarantee (expense)||The contribution is paid by the employer in addition to gross pay. By default, this category is set to calculate the mandatory 9.5% super guarantee contributions.|
You can modify these default super categories to suit your needs, or create new ones (see below).
Click the zoom arrow to view the details of a superannuation category, or click New to create a new one.
Linked Expense Account is the account to which you charge superannuation expenses. The Default Employer Expense Account you specified when setting up payroll appears as the default.
We recommend you create an expense account called Superannuation Expense and select it as the linked expense account.
(Only applicable for Employer Additional, Productivity Superannuation, Redundancy Superannuation or Superannuation Guarantee category types.)
Linked Payable Account is the liability account to which the superannuation amounts accrue. The Default Tax/Deductions Payable Account you specified when setting up payroll appears as the default.
We recommend you create a liability account called Superannuation Liability and select it as the linked payable account.
Select the appropriate contribution type from the list.
Once a superannuation category has been created (and saved), the Contribution Type cannot be changed.
|D||If you want the superannuation amount accrued to appear on employees’ pay advice, select the Print on Pay Advice option.|
Calculation Basis can be:
In the Exclusions field type the amount by which the eligible wage is reduced before the superannuation is calculated.
For example, an employee with a gross wage of $1000 per month and an exclusion of $100 will have the superannuation calculated only on $900.
Superannuation limits can be used to place a ceiling on the superannuation calculation.
For example, for an Employee Additional superannuation deduction of $30 per pay period and a limit of 2% of gross wages, a pay with gross wages of $1000 yields superannuation of only $20 (i.e. 2%).
Limit can be one of the following three choices:
If this superannuation calculation is only payable if wages exceed a specified amount per month (such as for superannuation guarantee contributions), enter this amount in the Threshold field.
For example, if the threshold is $450 per month, then superannuation is not payable until the employee’s gross wage exceeds $450 per month.
When determining whether the gross wages on a pay exceeds the threshold per month, other pays issued that month are included.
Why is super not showing on a pay slip?
If super isn't showing on an employee's pay slip, the amount earned by the employee for the month may be less than than $450 which means no super will be calculated. This is because in the Superannuation Information window for the Superannuation Guarantee contribution category, the wage threshold before superannuation is calculated is set to $450.
When the employee receives their next pay and their gross earning are above $450, superannuation will be calculated on the total gross amount of wages/salary earned for the month. The superannuation amount will "catch up" because total gross wages/salary for the month are now greater than $450.
Super fund name not showing on the pay slip? Ensure the field Superannuation Fund Name is included on the pay slip form you use. Learn more about adding text and fields to your forms.
Can I delete a superannuation category?
You can only delete a superannuation category if it hasn't been used in an employee's pay.
- Go to the Lists menu and choose Payroll Categories.
- Click the Superannuation tab.
- Click the zoom arrow to open the superannuation category to be deleted.
- Go to the Edit menu and choose Delete Superannuation.