Updating Superannuation Details in your Accounting Package from 1 July 2013
From 1 July 2013, the super guarantee rate is going up. The rate will increase gradually over 7 years from 9% to 12% by 2019 as per the table below.
|Start date||Super guarantee rate|
|1 July 2013||9.25%|
|1 July 2014||9.50%|
|1 July 2015||10%|
|1 July 2016||10.50%|
|1 July 2017||11%|
|1 July 2018||11.50%|
|1 July 2019||12%|
What should you do?
If you are using a desktop based accounting program such as MYOB, Quickbooks, Sybiz etc, ensure that you obtain any applicable payroll updates, or if necessary, manually create a new superannuation payroll category to ensure the new rate is calculated correctly by the program you are using.
Xero and possibly other online accounting programs will automatically update their payroll modules to accommodate the changes each year.
Not keeping up to date with these changes and your obligations as an employer could see you underpaying your employees’ superannuation. This issue will be an easy target for the ATO in the next few years so plan to get it right from the start to avoid any unnecessary cost or attention form the ATO.
Consider taking up audit insurance. This will cover professional costs (up to a specified limit) associated with responding to the ATO where they may initiate an audit of your payroll records and obligations. However, the policy will not cover any underpaid obligations or subsequent penalties for non-compliance. This type of insurance is generally only available through your accountant.