Superannuation not calculating correctly after latest increase to 10%

janroestorfbmd
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Superannuation not calculating correctly after latest increase to 10%

I changed the Superannuation from 9.5 to 10% in the category setup as from 1st July 2021. However, the calculation is incorrect for existing employees, but correct for new employees. The calculated figure is too high, but only by a few dollars. I have not changed anything else and before the change the calculation was correct.

 

Any ideas why?

 

JanR 

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Tracey_H
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Re: Superannuation not calculating correctly after latest increase to 10%

Hi @janroestorfbmd 

 

Thanks for your post. Super is calculated on a monthly basis like this: 

The amount of pay for the month MULTIPLIED by the current super rate MINUS super already calculated for that month.

 

This means that if you have processed a pay with the payment date in July and super rate at 9.5% then change the rate to 10%, the software adjusts the super calculation for the next pay so that 10% is accrued for the whole month. This will be why your calculation will be higher for existing employees, the software is making up for the shortfall in previous pay runs.

 

You can check the super calculation is correct by running the Payroll Activity detail report for the month of July and making sure that super is 10% of OTEs.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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