SUPER NEWS FOR XERO CLIENTS
- Category: Blog
- Published: Wednesday, 12 November 2014 14:48
- Written by Essential Office Solutions
From 1 July 2014, employers with 20 or more employees need to start transitioning to a new way to pay employee super. Under the new rules, contributions will need to be paid to funds in one standard electronic file (for smaller employers, the start date is 1 July 2015).
While it’s a change in the way you manage super, the new ‘one file, one payment’ online system means faster, easier, more reliable super payment processing. If you are using Xero, you will need to enter Unique Superannuation Identifier – USI for each super fund you are making contributions to, even if you are not using auto super feature in Xero to make super payments.
You will need to contact all of your employees who have nominated a regulated super fund and ask for updated information. You can use the ATO’s super choice form (link for download) for your employees to provide this information. Once this is done you can then start adding the new super fund information into payroll.
The ATO link that explains SuperStream and USI can be accessed here.
Please do not hesitate to contact our office on (03) 9585 2255 if you have any queries or if we can assist in any way.