Superannuation - Late payment offset (removed)
Are there any Xero updates or developments in the works regarding the removal of the late payment offset for superannuation?
Under the new rules, where an employer has paid super late, they are still required to lodge a Super Guarantee Charge (SGC) Statement. However, the late super payment can no longer be used to offset the SGC liability and is instead applied towards future super obligations.
The difficulty we are experiencing in Xero is that the payment remains linked to the original late super obligation.
This means we currently need to manually calculate which future super obligations the payment can be applied against, and then manually mark those obligations as paid in Xero to ensure the super balances are correct.
Are there any plans for Xero to introduce functionality to help manage this process, particularly the allocation of late super payments against future super obligations?
I imagine it will become a common issue for employers and accountants moving forward.
GrowthLogic Advisors
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