Simple steps to getting super right

Getting super right is an important part of being an employer. To help, listed are five simple steps to check you’re getting it right:
1. Check you’re paying for the right people. You need to pay super for all of your eligible employees. Most employees and some contractors are eligible for super.
2. Check you’re paying the right amount. Currently you need to pay 9.5% of your employee’s ordinary time earnings.
3. Check you’re paying on time. You need to pay super at least quarterly. Some super funds, awards or agreements may require more frequent payments.
4. Check you’re paying to the right place. You must pay super into a complying super fund or Retirement Savings Account. Most employees can choose their own fund.
5. Check you’re paying the right way. All employers must use SuperStream when paying super. This means you pay your employees’ super and send all their information electronically though one channel. It’s easier and will save you time.

 

And of course, you need to keep records to show how much you’ve paid, when you paid, and that you offered a choice of fund.
The Australian Tax Office has a range of online tools and calculators to help you with super.
Use the links below to Find out about: Super for employers Ordinary time earnings

 

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.