Employer super quick check

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.

Source: https://www.ato.gov.au/Business/Super-for-employers/Run-a-quick-check-of-your-super-obligations/