Paying super is an important part of being an employer.
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.