Superannuation Update Tool

The Superannuation Update Tool automates the process of updating Employer (%) SG/Award contributions and Employer RESC (%) contributions only. The Superannuation Update Tool command:

• Simplifies and speeds up the process of updating Employee Super Funds records to meet legislative requirements for Employer (%) SG/Award contributions and to increase/decrease the Employer RESC (%) contributions as required.
• Identifies employees that need to have their Employer (%) SG/Award and/or Employer RESC (%) contributions updated to meet the required minimum.
• Allows you to make the necessary changes to Employee Super Funds records before the implementation date.
• Can be used for future changes in the minimum employer contribution rate.
• Is displayed only for users who have the Supervisor checkbox ticked in their User Profiles record.

  Important: You can run the Superannuation Update Tool for dates in open or unopened pay sequences only. You need to re-process open pays after running the tool. The tool will produce an error if no valid pay period (PTD) records are found. Please ensure that your period calendar is setup correctly before running the Superannuation Update Tool.

SG %

The amount employers are required to contribute for Super Guarentee (SG) is governed by the Superannuation Guarantee (Administration) Act 1992.

The rates can be found on the ATO website:

https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?anchor=Superguaranteepercentage#Superguaranteepercentage