SUPERANNUATION Superannuation requirements are different for New Zealand and Australia. New Zealand see: http://www.ird.govt.nz/kiwisaver Australia see: http://www.ato.gov.au/superfunds P A Y T Y P E S From the GlobalBake main menu select Payroll > Pay Types Pay Type Superannuation This allows superannuation to be included in the payslip. Specify a code and description. If your employee is paying into the scheme as a dollar amount, tick Employee Contribution is dollar; else the quantity is a percentage. The Pre tax box is also for employee contributions. Enter the employer contribution as a percentage and the tax rate if applicable. You must enter the required GL codes. The total on the payslip line is the quantity entered (unless it is for employee by percentage). In Australia to enter minimum super payments on a payslip, put the superannuation pay type code on a payslip with no quantity, unless the employee is paying extra super, in which case enter that as the quantity. GlobalBake checks on a pay by pay basis as to whether the employer contribution applies. It multiplies the employee pay up to see what a monthly pay would be and if a pay is under $450 per month, it doesn t do a contribution. To avoid the $450 you tick the no threshold box so it always contributes. WWW.GLOBALBAKE.COM PAGE 1
R E P O R T A B L E S U P E R % - A U S T R A L I A If there is a percentage figure entered in the Reportable Super % field on the pay type, this will report through on the PAYG Payment Summaries which an employee receives at the end of the financial year. This field should be left blank, unless you have a salary sacrifice arrangement with your employee. NOTE: The ATO does not require the employer s compulsory superannuation contribution to be shown as reportable super on the PAYG Payment Summary. P A Y S L I P S T A N D I N G L I N E From the GlobalBake main menu select Payroll > Employees. Display an employee and click on the Stnd tab. Add the appropriate superannuation paytype as a standing line on the payslip. The following example is a New Zealand employee contributing 3% to the superannuation scheme. WWW.GLOBALBAKE.COM PAGE 2
The paytype for the above example shows it is a NZ Approved Scheme, where the Employer Contribution is 3% and the Employer Tax is using the Employee Tax rate. If you are using the Progressive Rate Table as below, ensure that Use Employee Tax is unticked and enter the Tax Rate into the box Employer Tax %. The threshold amount is the employees last years (or estimated) income plus the superannuation contribution from the employer. ESCT rate Threshold Amount Tax Rate $0-$16800 10.5% $16801 - $57600 17.5% $57601 84000 30% $84001 + 33% WWW.GLOBALBAKE.COM PAGE 3
The following example shows an Australian employee s standing line. The quantity is zero as the employer s superannuation contribution is calculated as 9.25% of the employee s gross. GlobalBake checks on a pay by pay basis as to whether the employer contribution applies. It multiplies the employee pay up to see what a monthly pay would be and if a pay is under $450 per month An Australian example paytype where the Employer Contribution is 9.25%. Note: Legislation may require employer contribution rates to change. For salary or wage payments made on or after 1 July 2014, the new minimum SG contributions rate of 9.50% will need to be applied. Currently, you must pay a minimum of 9.50% of each eligible employee's ordinary time earning each quarter in super. The Australian Government has announced the rate will remain at 9.50% until 30 June 2018 and then increase by 0.5 percentage points each year until it reaches 12%. WWW.GLOBALBAKE.COM PAGE 4
On the payslip, a column could be inserted to see the Employer s Super S U P E R A N N U A T I O N R E P O R T The Superannuation Report from the Payroll menu will list all contributions from employers and employees for each fund for a given date range. From GlobalBake main menu Payroll, click on Superannuation Report. Select a date range and tick any other options that may be required. WWW.GLOBALBAKE.COM PAGE 5
I R F I L E Superannuation is paid to the NZ IRD via the Employer Monthly Schedule. This information will print on the IR File report and will add the appropriate columns to the electronic copy of the file. A U S T R A L I A N S U P E R S T R E A M For information on setting up superannuation paytypes and reporting in conjunction with Superstream, please see these notes: http://www.globalbake.com/help/downloads/payroll/australiansuperstream2015.pdf O T H E R N O T E S : http://www.globalbake.com/help/downloads/payroll/nzpayrollchangeseffective1april2013.pdf http://www.globalbake.com/help/downloads/payroll/kiwisaverstoppingemployercontributions.pdf WWW.GLOBALBAKE.COM PAGE 6