To Increase your Super Guarantee Contribution (SGC) percentage you will need to:
• Navigate to Payroll > Maintenance > Superannuation > Contribution Rate Rules
Open your SGC rule – enter the validity end date of 30/06/2024. Note: you may need to consider updating the name of the Rule should it currently include the rate %, e.g. SGC 11.5%.
Click Add to enter the new details:
Contribution Basis - Percentage
Percentage Value - 11.5%
Pay Code Group for % Calculation – Your Super Pay Code Group
Select Save.
As the change is effective 1 July 2024, you need to be aware that this will impact your statutory payments when processing your first pay batch as the SGC calculation and accrual is based on payment date on the pay batch.
Bill Oncost Considerations
In most cases you would have configured bill oncosts for superannuation to pass on the costs to your clients. When updating the bill oncosts there are a few things you many want to consider:
For ease of changes to your client, consider passing on the increase based on the first full week of pay. Generally, this will be in line with yearly award increases that are effective in July (first full week of pay).
Are there any clients where you cannot pass on the increase?
Are you using flat bill rates? If so, you will need to manually manage the changes to the bill rate as changing the bill oncosts will not impact any job order or job templates where flat bill rates have been used.
If flat rates need to be increased, you could manage this via the Bulk Rate update functionality in Rates & Rules. Refer to online help or contact FastTrack should you need assistance with understanding how this functionality works.
To increase bill oncost for superannuation you will need to:
Go to Rates & Rules > Maintenance > Oncost
Open your Superannuation Bill Oncost: clear the Oncost Date Filters and click Filter to see what oncosts have been set up.
At a minimum, the Country hierarchy level oncost will need to be changed. However, if you have configured other oncosts at different hierarchy levels then these need to be reviewed and decision made as to whether they need to be updated as well. E.g. below there are super bill oncosts at Country, Client, Cost Centre and Employment Type. Are all 4 levels impacted? If so all need to be updated.
To change the oncost, click on the oncost header. Enter a validity end date when changes to the award rates take place. Save changes.
Click Add + to add a new Oncost Rate rule. Enter the name, validity start date, rate type, rate (%) and tick any Linked Oncosts applicable. Save changes. IMPORTANT: Make sure the end date of the old rule with the start date of the new rule do not overlap or both rules will trigger for the overlap.
As changes and dates entered are dependent upon the Last Timesheet End date, you need to ensure changes are made prior to any when timesheets are entered in accordance to the new validity start date.