As a small business owner you are a vital part of the Australian economy.
By meeting your obligations under the Superanuation Guarantee Act you are directly helping to provide for the future of your employees by directly contributing to their superannuation savings.
What do I need to do to ensure that I am meeting my super obligations?
- Make super guarantee for all elgible employees and contractors
To check the eligibility of people working within your business use the ATO's eligibility tool.
- Pay your super on time
As is the case with wages, a tax deduction can be claimed for super payments made to an employee's superannuation fund in the financial year that they are received by the superannuation fund.
- Check that you are paying to the right place
Most employees are eligible to choose the super fund that their SG is paid into. Check their award and provide each eligible employee with a super choice form. If you haven't received an employee's complete choice form and the SG contribution is due, you must make the payment to your default fund by the due date.
- Ensure you are paying using a SuperStream compliant method
Payment methods must meet the SuperStream requirements to pay electronically (electronic funds transfer or BPAY®) and send the related data electronically.
- Maintain your records for 5 years
You must keep records for 5 years showing how much SG you paid and how it was calculated. Records must also show you offered each employee a choice of super fund.
If you are unsure whether you are meeting your super obligations you can download the ATO's Super Health Quick Check here.
For help getting your super processes in order contact us today.