Stay Compliant – SapphireOne’s Latest Updates on Australian Superannuation and 2024 Tax Scales
Navigating the complexities of tax compliance is a critical task for any organisation. At SapphireOne, we are committed to ensuring that your financial operations remain compliant and efficient. We are pleased to announce the latest updates to the Australian Superannuation percentage and the 2024 tax scales in SapphireOne. These updates are designed to keep you aligned with the latest Australian Taxation Office (ATO) requirements.
Importance of Staying Updated
Tax compliance is not just about avoiding penalties, it’s about maintaining the financial health and reputation of your organisation. With frequent updates from the ATO, staying informed and compliant is essential.
What’s New
Australian Superannuation Percentage Update – The superannuation percentage has been updated to ensure compliance with the latest ATO regulations.
2024 Tax Scales Update – The tax scales for 2024 have been revised to reflect the most recent changes mandated by the ATO.
How SapphireOne Simplifies Compliance
SapphireOne’s integrated ERP, CRM, and accounting software makes it easy to stay compliant. SapphireOne automatically updates tax scales and superannuation percentages, reducing the risk of errors and ensuring that your Payroll/HR processes are always up-to-date.
Steps to Update Your SapphireOne
All clients will need to update to SapphireOne Version 20.4.0.4 in order to access the compulsory 2024 Superannuation and tax scales effective 1 July 2024. The process is as follows:
Install the latest SapphireOne V20.4.0.4. Guidance on the upgrade process is available here.
As SapphireOne Version 20.4.0.4 includes a 4D version update, as well as the server, client applications will need to be downloaded and updated on all client workstations.
Navigate to Payroll/HR > Administration > Employee to confirm the current Superannuation rate is 11%. If it is not, please do not proceed and contact SapphireOne support.
For the superannuation percentage update, navigate to Utilities > Utilities > Sapphire Functions > Payroll/HR tab and run Payrollsuperupdate2024.
For the tax scales update, navigate to Utilities > Utilities > Sapphire Functions > Payroll/HR tab and run ImporttaxrateTCP.
Staying compliant with ever-changing tax regulations can be challenging, but with SapphireOne, you can rest assured that your organisation is always up-to-date. Make sure to update your superannuation percentage and tax scales today to keep your financial operations running smoothly.
