Meeting your super obligations as an employer is important, but we know there’s a lot you need to think about. To help streamline the process, complete these simple checks for super success:
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Check if your employees are eligible to receive super guarantee (SG).
It’s important to classify your workers correctly. You’ll need to work out which of your workers meet the eligibility requirements to receive SG.
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Check your employees’ super fund details are correct.
Make sure you pay super contributions to the correct fund, and that you provide each fund with the relevant employee’s tax file number. The correct fund may be the fund each of your employees chose, their stapled super fund or your default fund.
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Check you’re paying the right amount of super.
The SG rate increases to 11.5% from 1 July 2024. Make sure payments of salary and wages made to eligible workers on or after 1 July are at the new rate of 11.5%. For the quarter ending 30 June 2024, calculate SG at 11% for payments made before 1 July.
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Check you’re paying the contributions on time.
You need to pay super contributions at least 4 times a year by the quarterly due dates. The next payment is due on 28 July. If you use a super clearing house, allow enough time for the payment to reach each of your employees’ funds.
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Check you know what to do if you miss or make a late payment.
If you miss a payment, you’ll need to lodge a super guarantee charge (SGC) statement and pay the SGC to us by the due date to avoid penalties.
For more information to help you meet your super obligations, use our checklist. This covers topics such as paying and reporting electronically, record keeping and more.
Source: ato.gov.au June 2024
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom/simple-checks-for-super-success.
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