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Payroll New Zealand: Changes to SSCWT Calculations ( RELNPY_NZ_600_SUPANN )

Payroll New Zealand: Changes to SSCWT Calculations ( RELNPY_NZ_600_SUPANN )

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Payroll New Zealand: Changes to SSCWT Calculations

Use

There are changes in the methods of calculating Specified Superannuation Contribution Withholding Tax (SSCWT). These are as per the changes announced by the tax authorities for the financial year 2007.

The changes in the system are as follows:

  • Change in SSCWT calculation method - Salary Bracket method
This method for SSCWT is applicable when you do not maintain the Base Annual Salary in the Superannuation NZ infotype (310).
Earlier, the system calculated SSCWT using the employee's Annual Gross Earnings as the base amount.
Now, the system calculates SSCWT base amount based on the Specification of wage types having their Processing Class set to 65.
The Specification of the wage type and corresponding base amount for SSCWT calculation are as follows:
  • 1- Total of previous financial year's Annual Gross Earnings and employer's contribution towards SSCWT

  • 2- Total of previous financial year's Annual Gross Earnings, employer's contribution towards SSCWT and previous year's SSCWT

  • Invalid SSCWT calculation method - Top Rate method
This method of calculating SSCWT is invalid or obsolete as of April 01, 2007. Therefore, the validity of the Superann. Whg Tax High Rate constant (SSCHT), is now only till March 31, 2007. This constant stores the rate for calculation of SSCWT using Top Rate method.
  • Changes in Base amount range for SSCWT calculations
This base amount range, which determine the SSCWT slab rates now have the following ranges:
Rate (%) Base Amount for SSCWT Calculation
15 0 - 11400
21 11400 - 45600
33 45600 and above

Note

  • If you are using Standard rate method for calculating SSCWT, the above changes are not applicable.
  • The above changes will be a prerequisite for subsequent KiwiSaver changes.

Effects on Existing Data

Effects on Data Transfer

Effects on System Administration

Effects on Customizing

Further Information

For more information, see SAP Note 1029342.






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