Superannuation fund details Reporting new employees to your super fund
Superannuation calculations Reporting contributions to your super funds
Calculating, tracking and paying superannuation can be a very complicated business, and it will be more complicated when the new super rules come into effect. Fortunately, once you set up all of your company and employee superannuation details, you can let Elite Payroll do most of the work for you.
You can track multiple superannuation funds, as well as multiple employee contributions. You can create as many super funds as you require. Superannuation funds are set up through the Super List.
Enter the details for each superannuation fund. For details see the Super List.
If you wish to pay your superannuation funds electronically, you'll need to contact your superannuation fund manager to find out if they will accept the information electronically. If your superannuation fund manager accepts contributions and the associated details electronically, enter all of the banking details.
Your default superannuation calculation details are set up through the Configuration Wizard when you create a new company. You can edit these defaults through Preferences on the File menu.
Select which employees superannuation should be applied to, and enter the threshold if applicable, as well as the default Employer Superannuation Guarantee Contribution (SGC) percentage. Superannuation Guarantee Contribution (SGC) percentage is the minimum superannuation contribution you must make on behalf of each employee.
For details, see Superannuation Preferences .
First, you must set up the superannuation fund details, and the amount of superannuation to be deducted from each pay period. This is done in Employee record – Superannuation. for each employee.
For most employees, you must select at least Employer S.G.C. (Superannuation Guarantee Contribution). Some employees are exempt, such as those over 70 years of age, and those under 18 working 30 hours a week or less. For details see S.G.C. exempt employees.
You can set superannuation up as a flat dollar amount per pay cheque, or as a percentage of wages. You would use a flat dollar amount where the superannuation is based on a standard employee earnings base. More typical however is the situation where the superannuation is based on Ordinary Time Earnings, in which case you would calculate superannuation based on a percentage of OTE.
Once you have set up the superannuation rate, you need to tell Elite Payroll what you want to apply the rate to. For most employees, this is done through the Employee Record, on the Pay Rates tab. For employees paid using the Timesheet method, you must set these details up through the award that the employee is working under.
For employees paid by the Normal or Spreadsheet pay method, this is done on the Employee Record – Pay Rates section.
If you have employees paid under the Timesheet method you must set up an award with timesheet details.
On the Award Timesheet Payments tab, you'll need to set up how Superannuation is applied to the shift and to overtime. For example, you might set up your award so that superannuation is only calculated on regular shift times, but not on overtime, or weekend work.
When you set up allowances, sundry items, commissions or bonuses, you'll have to indicate if superannuation applies to the item.
In the Super by Fund report, Elite Payroll will automatically places any superannuation contributions for new employees into the New Employee column. This ensures that the superannuation fund knows there is a new employee and ensures the required information is sent to them.
1 From the Reports Menu, choose Super.
2 Choose By Fund Name4Current Pay.
3 The Report Writer opens up and displays the report. For any new employees, Yes is displayed in the New Employee column. If any contributions have been made, the contribution amount will be reported in the Exception Amount column.
Employees are moved from the New Employee column when you export the superannuation file. Therefore, to remove the employees from the New Employee column, export the superannuation file—even if you aren't using the electronic lodgement feature.
4 To create a report for a single fund, select the fund name from the Super Funds drop-down list.
5 Make any adjustments required and then click on the Print icon. The report highlights new employees and enables the payroll administrator to enter the contact details should the fund manager have any questions.
Elite Payroll provides you with two ways to report superannuation contributions.
The Super Report lists contributions by employee or by fund and shows the amounts payable and what accounts they should be paid to.
The Export Superannuation Details Activities menu command creates three files for transferring the superannuation details and the payment, to the relevant superannuation fund. Before transferring any money, be sure to speak with your fund manager to see if they support this method of transferring the payroll information.
Contact your fund manager to find out if you can send the files to them by e-mail, otherwise copy the three files onto a floppy disk and mail the disk along with the payment to your superannuation fund.
For details see Export Superannuation Details.