Australian Superannuation and Tax Tables update

Online accounting pay item for SGC superannuation

 

Saasu’s free payroll updates will be released on Monday 17th June 2013. There is no downtime expected. Both the new variable Superannuation Guarantee Charge (SGC) and updates to tax tables that relate to HECS will be available. Pays with transaction dates prior to and including 30 June 2013 won’t be affected by the update

Our aim was to craft an automated and rewarding solution to a problem that could have been a headache for small business owners.

The result is that you don’t need to do anything if you use Saasu in a standard way. If you created a custom Pay Item for SGC instead of using the one Saasu provided by default when you created your Saasu file, then you may need to update this custom Pay Item when you are ready to start processing pays for the new financial year.

When you enter Payroll and Pay Run entries, Saasu automatically uses the correct rate that applies for the pay date in the transaction. In the image above you can see the radio button selected is the variable SGC option. This tells Saasu to automatically apply the correct percentage for the financial year that the pay relates to. So as an example Saasu calculates 9.25% for pays dated on and after 1 July 2013 but before 1 July 2014.

Learn more about using Pay Items in Saasu in our help centre.

For specific advice regarding payroll and tax scales please consult your accounting adviser.


1 Reply to "Australian Superannuation and Tax Tables update"

  • Sam
    June 25, 2013 (1:13 pm)
    Reply

    And this is why Saasu rocks and Myob doesn’t.


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