All employers will soon be subject to new superannuation contribution reporting requirements. Starting 1 July 2012, all employers must report on all employees’ pay slips an anticipated date by which they will make that employee’s super contribution. You should note, however, that from 1 July 2013 the super contribution reporting requirement will change – employers will be required to report the actual payment date rather than an anticipated date.
The ATO is already working with software providers such as Quicken and MYOB to ensure that pay slips generated by their products allow this new information to be included. Employers not using these commercial products will need to consider a couple of questions.
- Does their payroll package allow them to include the new information on the pay slip?
- If not, will they be able to make the required changes to their payroll system by 1 July 2012 in order to comply with the new super contribution reporting requirement?
New Super Contributions Reporting Requirements for Employers