Super contributions on pay slips
From 1 July 2012 all employers will be required to report on their employees pay slips an ‘expected payment on or before date’ for superannuation contributions accrued during the pay period for that employee.
The regulatory reporting requirements for pay slips have not yet been finalised. In order to simply satisfy this requirement include the date by which the superannuation contributions are required to be paid without being subject to the Superannuation Guarantee Charge; for example 28 January, 28 April, 28 July and 28 October.
Some questions employers will need to consider include:
- ‘How am I going to comply with this requirement – do I use a payroll package or do I do this manually by using a stamp?’
- ‘Does my current payroll package allow me to include this type of information on an employee’s pay slip?’
- ‘Will you be able to make any required changes to your payroll system by 1 July 2012?’
The ATO is already in discussions with software providers such as Quicken and MYOB to ensure these rules are satisfied. Those using these commercial products should have no issues with relation to satisfying these new reporting requirements.
Also note that from 1 July 2013 employers will be required to report the actual payment date rather than the anticipated date.