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change Super Payment Limit and frequency

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Andre_
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Australia
Andre_
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change Super Payment Limit and frequency

Hello,

 

We decided to change the payment frequency from quarterly to monthly effective since October. the question now is the Super for Q1 (July – Sep) will also be paid in October and the amount will be around $175,000, and the amount for October Super will be around $30,000. The current limit is $180,000 per quarter. 

 

Could anyone please advise what amount should I put in the new application form so both payments could be made in October and the frequency can updated as per calendar month and no impact for months going forward? 

 

Thanks

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MYOB Moderator Steven_M
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MYOB Moderator
New Zealand
Steven_M
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Re: change Super Payment Limit and frequency

Hi @Andre_

 

The set Pay Superannuation limit is the total amount that you can pay via Pay Super for a particular calendar month or calendar quarter.

 

So, in your case, as you are moving to a monthly limit you would be needing to set the limit to be $205,000*. This will allow you to pay October's superannuation along with the required previous quarter in October. You can then, if required, complete another request to reduce the limit to be $50,000** for the months going forward.

 

*I would set the limit to be $215,000 to give myself some wriggle room in case something unsuspected does occur.

**I've assumed $30,000 is the standard Pay Superannuation amount per month and added a bit extra for safety.


Kind Regards,
Steven
MYOB Client Support
Andre_
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Australia
Andre_
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Re: change Super Payment Limit and frequency

Hi Steve,

 

Thanks very much for the prompt reply. 

 

Can I please recheck with you that the payment limit will be recalculated since a new application has been processed? 

 

i.e. If I decide to only process the Q1 super this month and hold the October Super untill November (so the current limit $180000 will not exceed), then only 1 application is requested at the begining of Nov which set the limit to $50000 and change the frequency to monthly? 

 

Many Thanks!

MYOB Moderator Steven_M
27,014 Posts
MYOB Moderator
New Zealand
Steven_M
MYOB Moderator

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Re: change Super Payment Limit and frequency

Hi @Andre_

 

The changes you have made in your post would allow you to process the superannuation in accordance with the following:

Quarter: July - September's superannuation in October

Month: October's superannuation in November

Month: November's superannuation in December

Month: December's superannuation in January

....

 

 

The above assumes that you change the limit at the end of October (after processing that quarter's super) or early November.


Kind Regards,
Steven
MYOB Client Support
Andre_
4 Posts
Cover User
Australia
Andre_
Cover User

4Posts

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Re: change Super Payment Limit and frequency

OIC

 

Many thanks for the detailed explaination. It is greatly appreciated for your patience and help!

 

 

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