Many of you will already be aware of the Australian Governments initiative to streamline Superannuation known as SuperStream. The Australian Taxation Office recently announced several changes to SuperStream start dates.
We would like to communicate the following changes. Employers will need to work with their service providers or default funds to decide when it best suits to start their implementation.
The SuperStream legislation includes a contribution transition bridging period from July 2014 to June 30 2017.
This period allows funds and employers to continue using existing electronic channels (provided they meet certain requirements) or an Alternate file common CSV format.
The Alternate file CSV format was developed by software providers, superfunds and clearing houses and will be one form of an approved bridging solution.
As of November 2014, Tencia and Arrow will provide the Alternate file common CSV format export that has been approved as an ATO bridging solution.
A mutual agreement between you, the employer, and relevant funds will consider the lodgement of the alternate file CSV format an approved bridging solution that can continue to be used until June 2017.
A payment gateway add-in has been developed for Tencia acounting software. The payway facility will provide Westpac customers using Tencia the ability to process credit card receipts.
This integration will be a time saving feature that will streamline processing receipts. It will allow Tencia operators to be able to enter and clear credit card receipts securely within Tencia, giving customer's peace of mind and minimising business risk.
Arrow Financials - Alternate Print Engine for Windows 8 64 bit
Alternate Print Engine
The VIEW and LASER buttons within ArrowSQL and Arrow Financials have traditionally made use of the Winprint print engine. With the release of Windows 8 64 bit and later Microsoft workstation and server operating systems, this print engine could no longer be supported under these platforms.
An alternate print engine has been implemented to support the above platforms. All Arrow workstations and servers will require updating to make use of the alternate print engine. The Maintain Report Parameters allows for the configuration of the alternate print engine.
Windows Server 2012 Platform Support
After successful testing we can update our status for Windows Server 2012 for ArrowSQL and Arrow Financials and can advise this is a supported platform.
Streamline Purchase Order Generation with Tencia''s new Buyer Code Grouping
A recent enhancement to Tencia facilitates the streamlining of purchasing stock items based on a “buyer code” grouping. Buyer codes can be maintained within the stock module and the stock details tab of both the stock and stock location masterfile which include the Buyer Code grouping.
The buyer code is an optional selection criteria in the purchase order generation process routine allowing the generation of purchase orders for a specific buyer code.
To cater for individual business requirements 10 user defined fields are now available in Enter Sales Orders and Quotations.
To provide additional flexibility when printing linked reports a new option Print direct to Printer is now available in the Linked Report Settings which allows the printing of the linked report to a specified printer rather than inheriting the print output location to the source report.
Additional option to restrict access to sensitive data, via a new general ledger system parameter to restrict the displaying of payroll data from the general ledger source tab inquiry.
A recent enhancement provides the ability for packing slips to only include stock items lines relevant to a specific location\warehouse. Print flags are now set at the order line level, rather than at the order header in addition the existing stock location filter selection has been extended to select orders where any line has a matching stock location.
Payroll End of Financial Year update
Most importantly for the 2013/14 financial year, the payment summary format for 2014 has remained unchanged from last year.
In addition for the 2014-15 financial year most tax tables have been updated to incorporate the increase to the Medicare levy and the introduction of the Temporary Budget Repair levy. The tax tables for employees with a Higher Education Loan Program debt and Financial Supplement debt have also been updated. Please make sure you update your tax tables.
If you require any assistance please contact your Arrow Business Partner.
Temporary Budget Repair levy
As part of the 2014-15 Federal budget the Government announced that it will impose a temporary Budget Repair levy of 2% on the part of a person's taxable income which exceeds $180,000.
The levy will apply from 1 July 2014 and apply to the 2014-15, 2015-16 and 2016-17 financial years. There will be consequential changes for legislation that reference the top marginal tax rate of 45%.
From 1 July 2014, the rate for superannuation will increase to 9.50%. The Government has announced the rate will remain at 9.50% until 30 June 2018 and then increase by 0.5 percentage points each year until it reaches 12%.
For further information please visit the ATO website.