Calculate loadings with Aussie Time Sheets Premier
We have been busy working on the development of our Aussie Time Sheets Premier version of time and attendance software to handle multiple calculations. The additional calculations are great for any business giving you the power to calculate allowance, loadings, and accruals.
The next 3 series of article will break down and will explain the 3 most common calculations which are now available in our Premier version and how our intuitive software can help. A real-life scenario of how each calculation could apply to your employees with resources attached to assist for further information.
With ATS Premier you can get rid of messy spreadsheets and time-consuming data entry and let us calculate the allowances your employees are entitled to. ATS Premier has been designed to produce additional calculations to handle more comprehensive award rates. As part of an award agreement, contract or industry norm, employees may be paid a leave loading or a casual loading rate. You can check to see if your award that applies to your industry includes loading rates by visiting the Fair Work Australia website.
Let’s get started, Loadings can be tricky and it is important to thoroughly check with the employees' award or contract agreement. The most popular type of loading is a casual loading and annual leave loading.
Under some awards, penalty rates are paid instead of the casual loading. In these cases, when a penalty rate applies, casuals don’t get their usual casual loading. For example, a casual level employee could be entitled to a 25% loading working Monday to Friday, however, on Saturdays they get a 33% penalty rate. The 33% Saturday penalty is paid instead of the 25% casual loading.
Leave loading is a bonus payment to an employee when annual leave is taken. As you can see in the sample report above the loading amount is the same as the amount of annual leave taken. Generally calculated at 17.5%, however, you can check the employee's relevant award or employment agreement. If an employee is paid an hourly rate, their leave loading will be 1a percentage of that hourly rate. For example, leave loading for an employee paid $20 per hour will be 17.5% of $20, which is $3.50.
The next article in this series Calculate Multiple Allowances with Aussie Time Sheets Premier will cover what allowances and controlled and calculated ready for payroll. Find out more about Aussie Time Sheets Premier version here.
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