Employer Super quick check
Flor- Hanly - Sunday, January 06, 2019
Super provides income for your workers in retirement
Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted.
1. Check you’re paying super to all eligible workers.
- Some contractors may be entitled to super.
2. Check you’re paying the right amount.
- Currently, you need to pay a minimum of 9.5% of their ordinary time earnings.
3. Check you’re paying on time.
- It’s tax deductible against your business income.
- At a minimum, pay super quarterly.
- If you don’t pay on time, you need to pay a superannuation guarantee charge, which is not tax deductible.
4. Check you’re paying to the right place.
- Pay super into your worker’s fund of choice.
- If they haven’t given you the details, pay it into your default fund.
5. Check you’re paying the right way.
- Pay the SuperStream way – where both payments and data are sent 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.
- Single Touch Payroll is the next step in streamlining your payroll reporting.
6. Check you’re keeping accurate records.
- Keep evidence to show you’ve met your obligations.
Employing people involves lots of obligations, including superannuation. We have the tools and expertise to help you get it right so call Flor-Hanly Accountants in Mackay on 07 4963 4800 today.