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Cashflow Tips – Remember to Pay Extra Super – 9.25% from 1 July 2013

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Cashflow Tips – Remember to Pay Extra Super – 9.25% from 1 July 2013

Remember to Pay Extra Super – 9.25% from 1 July 2013

Another thing to consider that bears on your cash flow is a small increase in super. Remember to increase the super calculation to 9.25% in your software from 1 July 2013. Super is an employer expense, tax deductable against assessable business income, and is due on wages over $450 per month. Super is increasing 0.25-0.5 each year until it reaches 12% from 1 July 2019 onwards.

From the ATO website

What you need to do:

  • Update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate;
  • From 1 July 2013, increase the rate you use to work out the super guarantee payments you make for your employees from 9% to 9.25%;
  • Continue to increase the rate you use to work out the super guarantee payments you make for your employees each year until 1 July 2019;
  • If you have 19 or fewer employees, consider using the Small Business Superannuation Clearing House (see Data and e-commerce standard) to help you meet your super guarantee obligations.

To work out how much super you need to pay for each employee, use the superannuation guarantee contributions calculator.

For more information on your super guarantee obligations, refer to Employers superannuation – home.

To set this in your software, open the Superannuation Payroll Category and change the super % to 9.25%.

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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