News - June/July 2009

Reportable Employer Superannuation Contributions - (RESC)

From 1 July 2009, the ATO requires any superannuation (over and above the statutory 9%) paid to employees to be reported on the new payment summary forms. Both MYOB and QuickBooks will be releasing updated versions in the next few weeks which will incorporate the necessary software changes. The employer will however have to ensure that these contributions are correctly set up in the software. The legislation about what is a reportable superannuation contribution is very complex, and expert advice may be required to determine ifyou are affected. It is important to get it right from the first pay period of July, otherwise it will be extremely difficult to correct the situation subsequently.

We are fully trained on both MYOB and Quickbooks, and we have been briefed by both these companies as to the full implications of the changes. Please contact me if you require any assistance in the set up of your payroll software.