Tencia and Arrow SuperStream Compliant
Recently both Tencia and Arrow were awarded the certificate for Certified SuperStream Alternate File Format (SAFF) Compliance via the ATO approved third party certification provider. Both Tencia and Arrow enable the generation of a compliant SAFF for upload into a third party clearing house or super fund portal of choice.
The ATO released an updated statement on the 10th June 2015 in relation to compliance deadlines for medium to large employers. Phillip Hind, ATO’s National Program Manager, Data Standards & E-Commerce (SuperStream) said the “ATO will extend its compliance flexibility to employers who are not yet SuperStream-ready by four months until 31st October 2015. Employers should be making sure they are putting plans in place now and come up-to-speed as soon as possible.” Mr Hind said the ATO would not be taking compliance action against employers over the next few months. “Those employers making genuine attempts to get ready will be offered some flexibility to become fully SuperStream compliant in the coming months.”
Mr Hind says employers can expect reduced processing costs in the long term, spending less time paying contributions and more time running their business.
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
For the complete ATO media post please click here
New Tencia Modules Fixed Assets & Bin Location Management
The latest Tencia version 2015.2.0.0 was recentlyreleased in May 2015. This new version includes the controlled release of Fixed Assets and, aside from the numerous enhancements and additional functionality, representsthe completion of all equivalent Arrow Financial Modules.
In addition a new modulein the form of Stock Bin Location Management has been released, which now forms part of the Tencia core system. Stock Bin Location Management allows the management of which stock location bins in a warehouse are to receive stock, and from which bins stock will be taken when it is sold.
The aim is to allow stock for sales to be picked in the most efficient manner, to ensure that the oldest stock is sold first and to allow the actual cost of the stock to be used in cost of sales calculations.
Many new features are available in Tencia Version 2015.2.0.0, and the below list identifies the most significant. However it is important to realise over the past 12 months there have been in excess of 100 new features included.
- Report inbox includes the facility to select multiple reports to either print, open in a new tab or delete.
- The ability toinclude in an email subject line the document reference number.
- A new Tencia option to control the behaviour of Tencia dialog warnings, to optionally force warning messages shown in the bottom right hand corner of the screen to not auto-close.
- Extended functionality available in Tencia hyperlink controls includingautomaticlaunch of the default mail client and http internet explorer hyperlinks.
- An option to further customise the Tencia experience via altering Tencia field labels within user defaults.
If you require further information on the above enhancements or would like to gain a greater understanding of how these newfeatures could be of benefit, please contact your Arrow Business Partner.
Australia Payroll End of Financial Year Update
Most importantly for the 2014/15 financial year, the payment summary format for 2015 has remained unchanged from last year.
As recentlyadvised by the ATO new tax tables will be available from late June 2015, please check the ATO website for the latest tax tables.If you require any assistance please contact your Arrow Business Partner.
From 1 July 2015, the rate for superannuation willremain at 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