How Do I Calculate Superannuation?
Wages Manager has incorporated several features to assist you to pay the correct amount of superannuation. You need to set up superannuation before calculating amounts-please refer to this for setting-up superannuation: How Do I Set-Up Superannuation?
Allowances have been dissected into various types that conform to the required Tax Office treatment inclusion in Ordinary Time Earnings, Salary and Wages and printing on the PAYG Payment Summary.
Several options have been included for calculating Employer Contributions:
- 1. A Percentage (which needs to be at least 11%) or ordinary time earnings
- 2. Options to increase this by including leave loading, overtime, non-performance related bonuses and salary sacrifice amounts that do not come under the definition of ordinary time earnings. Increases to these options must be entered, as percentages in the Reportable Superannuation section.
- 3. A percentage of a nominated amount. This could be used where the employee’s earnings base exceeds the maximum contribution base defined by the ATO.
- 4. A fixed dollar contribution each pay
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