This information is brought to you by the Australian Taxation Office.
Paying super is an important part of being an employer. Here’s an audio feature that explains superannuation obligations for employers.
Jagjit Singh, the Community Relations Officer at ATO provided a quick check on what needs to be done if you are an employer.
“Check you’re paying for the right people. You need to pay super for all of your eligible workers. Most employees and some contractors are eligible for super,” said Mr Singh.
“Check you’re paying the right amount. Currently, you need to pay a minimum of 9.5% of their ordinary time earnings.
“It should be paid on time. At a minimum, you need to pay super quarterly. Some super funds, awards or agreements may require more frequent payments.
“You need to check if you’re paying to the right place. You must pay super into a complying super fund or Retirement Savings Account. Your workers may be entitled to choose their own fund, and if so, you must offer them a choice of fund.
“It has to be paid the right way. All employers must use SuperStream when paying super. This allows you to send your super payments electronically; paying all of your employees’ super and sending all their information though one channel. It’s easier and will save you time.
“And of course, you need to keep records to show you’ve met your obligations, including how much you paid, when you paid, and that you offered a choice of fund.
ATO has a range of online tools and calculators to help you understand your super obligations in more detail. Visit ato.gov.au/superquickcheck to find out more information.