Are you ‘Super’ prepared for EOFY?
End of Financial Year (EOFY) is just around the corner. Beam knows that this can be an overwhelming time for businesses, but it doesn’t have to be.
Beam has been simplifying super since 2018
EOFY is upon businesses across Australia and it’s important to make sure you as an employer are ‘super compliant’. Being ‘super compliant’ isn’t a superhero doing their tax, it’s ensuring you are up to date with all super obligations as an employer. We know, sounds exciting right? Making super payments might not be the most exciting thing for employers, but it shouldn’t be a stressful or difficult task. Businesses of all sizes share the same mandatory super payment requirements, but not all contributions have to be a difficult task. With the help of Beam and its payroll software partners, you can ensure that all your Single Touch Payroll (STP) requirements are met along with ensuring you have made the right superannuation contributions for your employees. This makes EOFY simple and pain-free so you’re all prepared and not rushing to make last-minute contributions or trying to find missing documents.
Businesses using STP-enabled payroll platforms that are partnered with Beam can meet their EOFY obligations simply within their payroll platform with the help of Beam.¹ Since 2018, Beam has been focused on delivering simple solutions for making super contributions. During the last five years, Beam has adapted to changing regulations and requirements of the super industry to ensure employers stay on top of their super obligations. So let Beam and our payroll partners de-stress EOFY processes so that you can focus on what makes your business great!
Is your payroll software not partnered with Beam? Find out how it can be here.
What are your obligations as an employer for end of financial year? Here’s a general guide we’ve prepared using information from the Australian Tax Office. We understand that every employer may have a different payroll process from the payroll software used, so we encourage you to speak to your software provider for more information, on the best way to meet your payroll needs.
Finalising your STP and super reporting
For you to finalise this year’s STP process, the data must be finalised. If you are using payroll software that is STP enabled you may be able to complete this process from within the platform instead of the ATO portal. Here are some things to look out for when finalising the data:
- Check that your year-to-date payment amounts are correct for your employees, including super contributions and benefits
- Submission is required by 14 July; extensions can be applied for with the ATO
- Superannuation reporting is included in STP data, but you do need to continue to make quarterly contributions that are received by the fund before 28th July 2023
- If you need to make any amendments to your finalised STP, you can do this through your payroll platform if available
Keep detailed records throughout the year
Thanks to STP, employers no longer need to inform their employees that their end-of-year PAYG is ready. But it’s important to keep accurate records of your employee details. The ATO suggests that the following records need to be stored securely:
- Tax File Records, tax declarations or withholdings
- Bonuses, gratuities, commissions paid or any allowances.
- Termination payments, redundancy or leave payments
- Bank statements showing payments towards a super fund, clearinghouse, or retirement savings account
- Statements or confirmation from a super fund online system (Beam) of payments successfully made
The ATO does recommend that these records be retained for five years, starting from when the record was prepared or retained.²
Beam’s Knowledge Hub and support centre
Beam and its payroll partners work hand in hand to make sure employers get the most out of Beam. We provide comprehensive support to our partners; our support team is in contact with payroll providers to update and educate on all things super payments. Support requests regarding super payments should be raised with your payroll software provider, they are still your point of contact. If you come across an issue on the super payment solution that cannot be solved by your payroll software provider, this information is passed through to our Australian-based support team to help resolve. Rest assured, our expert and knowledgeable Beam team are at hand to provide comprehensive support to our payroll partners on all facets of super and STP matters.
Employers looking for guides and FAQs have the handy Beam Knowledge Hub to help solve most issues. Another great place to turn for advice is our LinkedIn page. We are always sharing helpful tips, guides and articles aimed at supporting employers using Beam.
To ensure payments are not made late, employers should consult their individual PDS regarding payment times for the different payment types available. The PDS can be found on your payroll platform.
Discover what Beam can do for you
Payroll software providers integrated with Beam can provide additional benefits for employers. Business owners who currently use a Beam Payroll Partner can expect simple and effortless super payments, including upfront validation. This tells employers if there are any issues with a super batch payment before it’s submitted, so can save employers time and additional admin work. No more waiting for refunds or uncertainty if you have successfully made a payment, just a simple process that works.
Another great tool offered by Beam is Super Fund Onboarding (SFO). Beam’s SFO service makes light work of onboarding new employees. At a click of a button, employers can add new employees and invite them to validate their details. SFO also takes care of tax file declarations and helps employers meet their obligations.
With years of experience processing and administering super payments, Beam has a range of helpful services available to lighten the load for employers and software providers.
Find out how you can be ‘Super’ ready for EOFY here.
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Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL No. 246 604) consider the PDS and FSG before deciding at beamconnect.com.au/disclaimer