Data analytics will enable you to manage your
organisation’s superannuation compliance risk efficiently,
as well as identifying potential savings opportunities
Calculating the correct superannuation for employees becomes complex when shift work, overtime, benefits and different engagement models need to be considered.
The associated financial, cultural and reputational risks can be exponential when multipled by a large workforce. However, identifying incorrect payments of superannuation can be like finding a needle in a haystack as it requires the review of large volumes of data.
As of 1 July 2019, all employers will need to comply with Single Touch Payroll, which automatically and electronically provides payroll and superannuatiuon information to the ATO.
Our data analytics tool assists businesses in ensuring that they are compliant with their superannuation guarantee obligations, taking a proactive approach.
In our experience, this has enabled organisations to manage the risks of non-compliance, while also identifying opportunities for cost savings.
Our data analytical tool assesses your data against a number of automated tests including:
Whether the correct superannuation rate of 9.5% (or EBA rate) has been applied
Whether the superannuation guarantee has been applied correctly to an employee’s Ordinary Times Earnings (OTE)
Analyse payments to contractors to highlight any risks of them being considered employees
Whether the Maximum Superannuation Contribution (MCB) limit has been exceeded
Identifying employees who exceed the concessional contributions cap.
Based on the data analysis, the ShineWing Australia tax professionals will provide you with:
Strategic recommendations and support to manage any identified superannuation compliance risks
Implement any opportunities for cost savings.