Doing a Super Check as an Employer
Employers have a lot of things to think about, so much that some get forgotten. One of these is paying super. It’s therefore important to undertake a super check:
- Are you paying those that you should? It is important that you pay super for all of your eligible employees. If you use contractors, you may also have to pay super for them also.
- Are you paying the right amount? You should be paying at least 9.5 percent of their ordinary time earnings.
- Do you pay on time? It is essential that you pay on time. You are required to pay super guarantee (SG) at least four times a year, by the quarterly due dates. You can pay more often than that, if you want.
- Do you pay the right way? You must pay and report super electronically in a standard format, ensuring you meet SuperStream requirements. With funds like Nationwide Super, as an employer sponsor you can access a free super clearing house that allows you to pay all employees in one online session, regardless of the number of staff you have.
- Are you paying the right place? You should check that you are paying super into your employee’s super fund of choice, or into your default super fund if the employee hasn’t made a choice.
- Do you give your employees a choice of super fund? Use this form to offer your employees a choice of super fund, or to nominate your default super fund.
- Are you keeping the records in a safe place? It is essential that you are keeping records. You need to know how much you paid, when you paid them, and if you offered your employees a choice.
Doing a super check is essential to make sure that you are doing everything you can, and are required to do, to help your employees be ready for their future.
If you have any questions about paying super to your staff, don’t hesitate to contact us.