Even without the introduction of STP2 in 2022, it is not a typical financial year end for Sybiz Visipay users and there are a few key items that need consideration.
Tax scales and STSL rates
Although the official tax scales are not changing for the 2022/23 financial year, the Study and Training Support Loans (STSL, previously known as HECS, HELP and SFSS) rates change annually and are released via a tax scale update in Sybiz Visipay. For customers using a version less than 22.10 the STSL rates require manual updating per the rates found here
As with the release of regular tax scale updates, Sybiz Visipay will prompt users to install the new tax rates after rolling into the new financial year and processing the first pays for the new period.
Superannuation Guarantee (SG) rate change
The SG rate for employees is changing again this financial year by half a percentage point and it is planned that the 0.5% increases will continue each year until 12% is reached in 2025.
Last year, superannuation rates went from 9.5% to 10% and they will be increased again to a minimum of 10.5% from 1 July 2022. This is a manual change to Staff Types in Sybiz Visipay to allow businesses to pay over and above the mandatory SG rate where desired – take a look at our instructions
for this update.
Superannuation minimum earning threshold removed
The $450 per month minimum earning threshold is being removed from 1 July 2022, meaning those who earn less will be able to save more towards their retirement. However, the requirement for those aged under 18 to work more than 30 hours in a week to attract super is remaining.
If applicable, employers using the quarterly threshold for superannuation contributions will also need to update their quarterly maximum contribution base in Sybiz Visipay to $60,220 after rolling into the new financial year, but before processing the first pays.
As they did in 2021, these changes incur financial impacts for employers and increased administrative processing for payroll staff. It is important to be prepared for the additional workload required to implement the new rates.
The ATO have not suggested there will be any grace period for employers to adopt the new SG obligations, so it is important these are managed correctly and on time.
Clearing house timing
There is generally a time delay between a superannuation clearing house receiving your employees’ funds and distributing them to their nominated super fund accounts. We recommend allowing at least a week before 30 June to allow clearing houses time to process your super ahead of the financial year end. The cut off for SybizSuper (SuperChoice) is 22 June 4pm AEST.
All this and more will be covered in our annual EOFY webinar, being paired with our final STP2 webinar on 17 June 2022. Registrations are open now