Have you done a quick super check lately?
Obviously, we think paying super is an important part of being an employer. We also understand there are plenty of other things you need to do every day to run your business.
So, here’s a quick checklist to help make sure you’ve this whole super thing sorted. Are you:
1. Paying all the right people?
Keep in mind it’s not just your permanent employees you need to pay for.
2. Paying the right amount?
Currently, you need to pay at least 9.5% of your employees ‘ordinary time earnings’ each quarter. Make sure you’re clear on what is included as ‘ordinary time earnings’.
3. Paying on time?
You must pay your Super Guarantee (SG) contributions at least quarterly. Make sure you pay before the cut-off dates to avoid penalties from the ATO.
4. Paying to the right place?
If your employees are eligible to, and have chosen a compliant super fund, you need to ensure your SG contributions are being paid to that fund.
5. Paying the right way?
Since the introduction of SuperStream, your contributions need to be paid in a compliant electronic method.
6. Keeping the right records?
You also need to keep records to show you’ve met your obligations, including how much you’ve paid, when you paid, and that you offered a choice of fund.
Simply get in touch with the Nationwide Super team if you need help with any of the items above, and check out our regular small business blogs on the website. You can also visit ato.gov.au/newsroom/smallbusiness for regular updates and helpful videos on this and other topics.