OTE generally includes the employee's regular wage plus any shift loadings, commissions, paid leave and some allowances. Some companies pay their Super Guarantee contributions at the same time as they pay their staff wages, and all employers must make payments at least quarterly.
A superannuation clearing house can save you a lot of time and paperwork if you need to pay into numerous super funds. Visit our Superannuation Guarantee page more information. As of 1 November , all eligible Australian workers will be stapled to their main existing superannuation fund.
This means that if new employees do not supply details of a nominated fund, employers must use the ATO database to check if they have a stapled fund. As long as the stapled fund complies with superannuation law then you must pay the necessary super contributions into that fund.
Many Modern Awards specify the default funds you can choose from, and you can use our FundFinder to work out which Industry SuperFunds are listed in awards relevant to your employees. Unless you hold a Financial Services Licence you are not allowed to provide your employees with any information about any fund other than factual information or information regarding the default fund. It is up to the employee to find out how to join a fund, get product information and disclosure statements, and ensure they have filled out their membership applications correctly.
You can direct an employee to government websites which allow for the comparison of different super funds. Contributions are set as a percentage of regular Ordinary Time Earnings. You can make this contribution, however based on the information you have entered you may not need to make a super contribution for this employee for this period.
We assume that the employee is an Australian resident and has provided a tax file number to their employer. The SG percentage can be manually increased in the calculator. If you pay your SG contributions after the quarterly deadline but before your original assessment for that quarter is made, you can use those SG contributions to reduce the amount of SG Charge you must pay.
You can only use late contributions to offset the interest and SG shortfall components of the SG Charge. You cannot use late contributions to offset the administrative fee or any other penalties you are facing. It is essential employers pay super contributions on time to avoid penalties.
The law requires employers to pay at least four times a year, at the end of each financial quarter. If the due date falls on a weekend or public holiday, the ATO allows payments to be made on the next business day. You also need to factor in processing times of your super fund to ensure contributions processed by the due date. These stipulations apply only to the 9. An important detail to keep in mind is that an employee's super contribution is counted as being paid on the date their fund gets it, not the date the clearing house receives it from you.
You must pay the charge by a new due date, which is a month after the original super contribution payment due date. Employers can apply for an extension of time to pay. Continued avoidance is a serious matter. QSuper has an excellent track record for achieving great superannuation outcomes, and not just for its members. It works hard for employers who choose QSuper as their default super fund, too.
We know you want to spend your time running your business, not worrying about compliance. With our Employer Direct portal and guidance from our dedicated employer support team, you will have peace of mind and so will your employees. Find out more about your super responsibilities. It's easy to make QSuper your default fund. Contact us or request a call and we'll talk you through the process. Information accessed January Please enable JavaScript in order to get the best experience when using this site.
Personal Employers Advisers. Products Why QSuper. Investment options. So if you think your employer has not paid your SG contributions in a particular quarter, the ATO will not investigate until after the lodgment deadline for that quarter see table above.
For example, if you are checking on contributions for the period 1 July to 30 September , the ATO cannot investigate this until after the lodgment due date of 28 November You can also call the ATO on to make a confidential tip-off if you want to keep your identity confidential. Note: If you have the right to choose your own super fund which most employees now have , your employer must give you a Superannuation Standard Choice Form within 28 days of starting work so your SG contributions can be paid into your super fund.
Your employer must make all the required SG payments into your super account. To encourage employers to get their super affairs in order, the federal government introduced a one-off SG Amnesty in The one-off amnesty period was designed to provide an opportunity for employers to correct past SG non-compliance without having to pay a penalty.
The six-month amnesty ran until 7 September and permitted employers to disclose and pay missing SG contributions for their employees for any quarter from 1 July to 31 March They were also able to claim a tax deduction for any outstanding SG payments made by 7 September You should consider whether any information on SuperGuide is appropriate to you before acting on it.
If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement PDS or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more. Your email address will not be published.
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