As the Government encourages Australians to take responsibility for and reach their financial retirement goals, citizens are repeatedly required to deal with superannuation funds. Superannuation is a way to save for your retirement. The government Superannuation Guarantee is a compulsory contribution made by all employers, for eligible employees directly into the employees nominated super fund.
Currently an employer must pay 9.5% of an employees salary into their nominated super fund. The Superannuation Guarantee will gradually increase to 12% in coming years.
Employers have an obligation to:
- Pay the Superannuation Guarantee
- Provide a Standard Choice Form
- Pay the Superannuation Guarantee into an employee nominated compliant fund
- Calculate income correctly
- Keep proper records
The ATO reports that the most common superannuation mistakes an employer makes include:
- Underpaying the Superannuation Guarantee
- Missing due dates
- Not keeping accurate records
- Not passing an employees TFN onto their super fund
- Not understanding contractor super payments
- Not understanding the requirement to lodge a Superannuation Guarantee Charge Statement if a due date or amount is missed
Depending on the industry type, superannuation compliance for employers can be quite complex - let us assist you with your employer superannuation compliance by reviewing your current procedures. We are able to assist you with advice on superannuation clearing houses, compliant accounting software to enable you to manage your superannuation payments and reporting with the click of a button, and provide you with tools to accurately calculate your Superannuation Guarantee payments. Don't wait for an ATO audit - contact us today.
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