To meet your legal obligations of making superannuation payments for your employees, you’ll need to set up a superannuation fund and then make regular contributions to it. The easiest way to do this is through Xero. Xero is an online accounting software that offers a range of features and benefits, including the functionality to make superannuation payments.
How to Make Superannuation Payments in Xero
- Set up a superannuation fund in Xero. To do this, go to the Accounts menu and select Superannuation Funds. Then, click the Add Superannuation Fund button.
- Enter the relevant details for your superannuation fund, including the name, ABN, and account details.
- Add your employees to the superannuation fund. To do this, go to the Employees menu and select Employees. Then, click the Add Employee button.
- Enter the relevant employee details, including their name, email address, and date of birth. Then, scroll down to the Superannuation section and select the superannuation fund you want to add them to.
- Set up superannuation payments for your employees. To do this, go to the Payroll menu and select Employees. Then, click the employee’s name to open their details.
- In the employee’s details, scroll down to the Pay section and enter the relevant superannuation payment details.
- Make the superannuation payment. To do this, go to the Accounts menu and select Superannuation. Then, click the Make Payment button.
- Enter the relevant payment details, including the amount, date, and superannuation fund. Then, click the Make Payment button.
Making superannuation payments through Xero is quick and easy. However, if you’re unsure about how to set up or make a superannuation payment, you can always speak to an accountant. An accountant can help you with all aspects of your superannuation, including setting up a fund and making payments. They’ll also be able to assist you with other aspects of utilising Xero, like payroll and bookkeeping, and provide general business advice.
The Xero accountants at Perth Mobile Tax are highly experienced in using Xero for a range of purposes, including superannuation. Contact us today to get started with Xero or to speak to an accountant about your superannuation obligations.