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.
