Maximum earnings base introduced in EXO Payroll 2011 compliance release (Australia)

The Superannuation Guarantee scheme has two thresholds - Monthly and Quarterly. These thresholds determine the amount of superannuation paid for each employee.

MYOB Exo Payroll 2011.02 introduces the ability to enforce a maximum quarterly earnings base for Superannuation Guarantee Contributions. This is a maximum limit on any individual employee's earnings base for each quarter of any financial year. The employer does not have to provide the SGC contributions on the part of earnings above this limit.

A new Maximum Earnings Base property is available on the Superannuation Maintenance screen:

To add Maximum Earnings Base information, choose the Maintenance menu and select Superannuation's, then select the Superannuation you wish to update.

This property is available for Employer Superannuation's where the Contribution Type is set to "SG". It is applied only after 1 July 2011.

The Maximum Earnings Base is set to $0 by default, and must be kept up-to-date by employers. The current value for the 2011-2012 financial year is $42,220 per quarter.

Need more help? You can open the online help by pressing F1 on your keyboard while in your software.

You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.