subject: 2 Ways Myob Helps Satisfy New Super Reporting Rules [print this page] In 2009, the government changed the way in which businesses were required to report on their superannuation management. In many cases, payroll systems had to be updated so that payment summaries included reportable employer super contributions. Savvy business owners simply upgraded their MYOB accounting package and their problems were solved. Others chose to attend MYOB courses to get more detailed information.
Although most businesses already have accounting software to assist them in their day to day management, MYOB offers several superior features that make it more attractive to sole operators, medium sized businesses as well as larger employers.
When the super reporting rules were changed, the producers of all accounting software packages were quick off the mark in providing updates so that their customers would find compliance easier. MYOB was one of the leaders, so let-s take a look at some of the ways in which the new super supporting rules were made easier.
Superannuation contributions which became the subject of the new reporting rules came into effect when two conditions were satisfied. First, where the employee influenced the amount of superannuation contributed for them, and second, contributions additional to the compulsory contributions made under the superannuation guarantee law. It was determined that an employee influences the amount of superannuation contributions where they can directly negotiate or have the option to negotiate excess superannuation contributions. In most cases, this occurred where salary sacrifice arrangements were in place. The payroll system had to be adjusted so that the correct information is accurately recorded on employee payment summaries. With MYOB, this was a simple additional category. Most of the MYOB courses that were conducted at the time covered this point in detail.
Reportable contributions also had to include income tests for a range of government benefits. These included such things as Medicare levy surcharges, dependent tax offsets, senior Australians tax offsets, mature age worker tax offset, superannuation co-contributions and deductions for personal super contributions. All of these obligations impact on the amount of tax payable by the employee in their final taxation assessment for the year. The impost on small businesses could have been quite severe without the assistance of a sophisticated accounting software package.
The capacity of a small business to respond to these increasing government demands could have had a deleterious effect on the business if it was not in a position to implement the requirements simply.
In many cases, where a small business did not have access to the right accounting software, additional professional fees would have been incurred by having to consult with an accountant. That is where the benefit of having an accounting package like MYOB really comes into its own.
When a business can respond quickly to changing demands such as the ones outlined above following the introduction of new superannuation reporting rules in 2009, they can avoid not only the additional expenses involved in paying for specialist accounting services, but also suffer less downtime.
In cases like this, the onus falls on the provider of the accounting package rather than the business owner and solutions can be implemented quickly. With MYOB, this was certainly the case and by attending MYOB training courses most of these business owners found the changes easier to cope with.
