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Superannuation Wage Easy Payroll provides great flexibility in meeting the superannuation obligations of the company and needs of the employees. It caters for the Commonwealth superannuation guarantee laws, award requirements, salary sacrifice, employee contributions, and additional employer contributions. The predefined factors can be set to allow automatic calculation of the contributions, although contributions can be adjusted at each pay slip calculation if required. Wage Easy Payroll also has the capability to make contribution reports to the funds, and can make electronic payments via the internet, by agreement with the fund. |
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The flexibility of Wage Easy Payroll in the superannuation area is also demonstrated by the ability to make contributions to many different superannuation funds, and at many different levels. This is because contribution levels and funds may be set individually for each employee. This does not result in a massive overload of duplicated information though, as the details for each fund are only recorded once and held in a common area of the company file. Likewise, the employer contribution levels are set in the relevant award file meaning that there is no need to maintain this component for each employee. |
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Award files can be downloaded from an employer association to which the company belongs, thus eliminating the work required to set up and maintain the compulsory employer superannuation data. The Wage Easy Payroll superannuation system is also very accurate as it tracks and records the actual gross payments to each employee for each month. This means that the trigger for the employer contribution, greater than $450 per month for example, is exact, rather than being estimated on a pro-rata basis. It is also possible to exclude various components of the pay, such as allowances and overtime, from being used in calculating the amount of the contribution. |
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To cater for certain awards which have a different threshold to the Superannuation Guarantee, three different employer contribution trigger levels can be set. For example, an award may require a 3% employer contribution where an employee’s gross pay exceeds $250 in a month, while the Superannuation Guarantee may require a 7% employer contribution where the pay exceeds $450 in a month. This situation can easily be catered for, as can the requirement for a weekly threshold. Each employee may have an unlimited number of contributions made on their behalf, to an unlimited number of funds. Contribution records are established in each employee file, and can be nominated as Compulsory Employer, Additional Employer, Salary Sacrifice or Employee. The contribution amount can be set as either a percentage of the gross wage (applicable to superannuation), or as a flat dollar amount, as required. A full range of reports is available including contribution reports to the funds and company and employee reports. The periodic payments to the superannuation funds can be made electronically if arranged with the bank. In future, when a contribution standard is agreed to by the funds, contribution reports can be sent on line to the funds as part of the routine payroll process. |
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