Superannuation Payment
Hi Team,
I have a question; we pay salary on fortnightly basis. which is start from 22/6/23 to 5/7/23. however, the super rate will be changed from 1ST July to 11%, so how do we make one single payment with 10.5% and 11%.
thanks for reply
Comments
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Hi Muhammad!
The rate is related to payment date only, NOT pay period - Any payments made up to & including 30/06, the 10.5% rate of Super applies. For any payments made from 01/07 onwards, the applicable Super rate is 11%.
The 2023 update - being released later today - incorporates this & will use the correct rate based on the Paycheque date.
NOTE: It is recommended to complete current FY pays & the Finalise Year process in the current (2022) version FIRST, before upgrading as 2023 version. This is because the 2023 version is STP2-compatible only, which may or may not create submission errors with the ATO under the existing STP framework 😬
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HI, How can we update the Super figure to 11% without having to go into each Payroll item?
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Only the super payroll item needs to be updated and that should happen automatically when opening the 2023 version. But you can look at that payroll item to check
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Hi @Kathyd
It will prompt for changing this automatically, after updating to 2023
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