Did you know that after 1st July 2014, you have potentially given your staff a payrise? Your wages expenses could rise by .25% effecting your Profit and Cashflow. This will happen without discussion with your employees regarding their salary packaging entirely due to Superannuation Guarantee Increase.
The Impact on Your Business Cashflow is Real.
The new financial year brings changes with superannuation that will affect your business. The ATO Website has announced that the Employer Superannuation Guarantee contributions are set rise from 9.25% to 9.5% and will continue to rise by .5% annually until they reach 12%.
Smart Financial Management can reduce the impact on your business by making proactive decisions based on accurate bookkeeping and account management.
Complying with Superstream.
Under SuperStream, employee superannuation guarantee contributions must be reported accurately and paid electronically with deadlines adhered to. No longer will Super companies accept cheques as method of payment. The ATO Employers FAQ comprehensively explain Supersteam.
Using Xero’s Auto Super function payments are distributed according to the Employee Super Choice in line with Superstream while still providing secure authorisation. Xero explains this in their Auto Super video.
Account Aspects Bookkeeping Payroll and Superannuation Services ensure this vital component of your obligations comply with the ATO. Using our experience and methodical approach we will alleviate the impact of these changes on your business.
For improved results in your business, Contact Account Aspects to discuss your proactive financial management solutions.