Frequently Asked Questions about
Superannuation
These are some of the most commonly asked questions about superannuation.
If you can’t see an answer to your question, please feel free to contact us and we’ll be happy to help.
Q. Is Xero SuperStream compliant?
Yes Xero is superstream compliant if you have a premium plan. First make sure that you are SuperStream ready. (All superannuation funds must have a USI number, an employees must have gender, phone number, email address, and superannuation member number recorded in their employee details. You need a Electronic Service Address, ABN and bank details for a Self Managed Superannuation Fund. |
This is an article of the ATO website re Electronic Service Addresses
https://www.ato.gov.au/super/superstream/self-managed-super-funds/electronic-service-address/
Q. Who is eligible for Superannuation Guarantee? Is there a maximum age?
Under the superannuation guarantee, employers have to pay superannuation contributions of 9.5% of an employee’s ordinary time earnings if:
- when an employee is paid $450 or more before tax in a month and is:
- over 18 years, or
- under 18 years and works over 30 hours a week.
This applies to full-time and part-time employees and some casual employees, and includes temporary residents.
Superannuation has to be paid at least every 3 months, into the employee’s nominated account.
From 1 July 2013, eligible employees aged 70 years and older will be entitled to compulsory employer contributions (known as Superannuation Guarantee—or SG—contributions). If you’re aged 70 years or older, you may be entitled to receive SG contributions from your employer (from 1 July 2013) if you: are working earn more than $450 (before tax) a month and aren’t subject to any SG exemptions.
Q. How do we set up the Xero Automatic Superannuation function in Xero?
Then if you have not done this already, set up the Xero Automatic Superannuation function in Xero. If your subscription is the new Premium 5 or above, the Xero Automatic Superannuation function is included in your subscription for free. If you are using the Xero Standard plan, the extra $10 per month is worth every cent!
The process to set up the Automatic Super payment function in Xero is very simple:
- Register for Xero Automatic Superannuation Payroll>Superannuation
- Process Superannuation payments.
Q. How to lodge and approve superannuation payments?
For detailed instructions on how to do this see these 2 Xero links:
(these videos also show you how to lodge & approve the superannuation payments)