EMPLOYER SUPER QUICK CHECK
Paying super is an important part of being an employer.
Super provides income for your workers in retirement.
Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted.
- Check you’re paying super to all eligible workers.
- Some contractors may be entitled to super.
- Check that you’re paying the right amount.
- Currently, you need to pay a minimum of 9.5% of their ordinary time earnings.
- Check you’re paying on time.
- It is tax deductible against your business income.
- At a minimum, you can pay super quarterly.
- If you fail to pay on time, you may need to pay a superannuation guarantee charge, which is not tax deductible.
- Check you’re paying to the right place.
- Pay super into your workers’ fund of choice.
- If they haven’t given you the details, pay it into your default fund.
- Check that you’re paying the right way.
- Pay the SuperStream way – send both the payment and data electronically in a standard format.
- You may be able to use the free Small Business Super Clearing House to distribute payments to your employees’ super funds.
- Check you’re keeping accurate records.
- Have evidence to show you’ve met your obligations.
Employing people involves lots of obligations, including superannuation. The ATO have the tools and calculators to help you get it right.
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