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Superannuation in Paycycle / Xero Payroll

Started by Bradley Field -   in Accounting

Are we correct to assume that the new integrated Paycycle will be compatible with all the changes the Aust Fed Govt has announced regarding Superannuation, ie the change in reporting of superannuation via Payslips
"In September 2011, the government proposed changes to the way super contributions are reported on payslips, to be introduced in two phases: on 1 July 2012 and 1 July 2013. These changes will give employees more timely information and encourage them to take a greater interest in their super."
As well as the incremental changes in Super Guarantee from 9% to 12% by July 2019
Australian Tax Office - Changes to Super

Just curious as someone from a small business group on TV this morning, and gave me impression that there was no software geared towards coping with these changes.

Also how is the integration of Paycycle into XERO progressing??? We are waiting for the integration so we can start to push our clients toward it, and away from MYOB and Quicken.
Hi Bradley,

We're all on top of it! Here is some more information about the changes coming, however in summary

From 1 July 2012, employers will be required to report on payslips an 'expected payment on or before' date in addition to the current entitlement during the pay period. In many cases this will be the superannuation guarantee due date, or a due date under a workplace agreement or award. In some cases, however, where they remit contributions sooner, employers may choose to disclose an earlier date.

This will provide up‑to‑date information to employees on when they can expect superannuation contributions and will allow them to follow up with their superannuation fund to confirm that payments have been made by the due date.

From 1 July 2013, subject to there being no significant payroll system costs, payslip reporting of actual contributions paid rather than just accrued contributions will commence, including the provision of information about which fund the contributions are being paid into.

There are around 4 changes that we're making to integrated payroll to ensure that we're compliant for the changes on 1 July 2012.

1. Each superannuation line on an employee's Pay Template will provide room for a payment due date. eg Monthly or Quarterly. Any changes on the Pay Template will of course be copied down in to the next pay run.

2. Those same options will be available in the pay slip for each superannuation line.

3. There will be an Expected Payment Date on employees' pay slip.

4. There will be an additional report entitled Superannuation Payment Report.

Hope that clears it up.

As far as the integration goes, by all means check out our latest blog.
 

Stuart McLeod (Xero Staff)  

@Bradley - just letting you know the Paycycle integration went live today - now available in Xero for our Australian customers. Read about the release today here on our blog - Payroll for Australia - and we'd love your feedback over on this Community thread - Payroll is now included in Xero for our Australian customers.
 

Catherine Walker (Community Manager)