Superannuation is money you have to pay to your workers to provide for their retirement.
Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay super on top of their wages.
The minimum you must pay is called the super guarantee (SG):
- The SG is currently 9.5 percent of an employee’s ordinary time earnings.
- You must pay SG at least four times a year, by the quarterly due dates.
- Your super payments must go to a complying super fund – most employees can choose their own fund.
- If you don’t pay the SG on time, you may have to pay the super guarantee charge.
- Super guarantee (SG) payments must be made to complying funds or retirement savings accounts (RSAs) by the quarterly due dates, which are 28 days after the end of each quarter.
If you are having trouble understanding your legal obligations, or are struggling to make your required super contributions, or are facing claims of unpaid super, our team at Employer Advisors can help.
We can guide you through your legal obligations, and assist you with a way to move forward to ensure you are not in breach of superannuation laws and are not having to pay the extra super guarantee charge.
We are open from 8:00am to 6:00pm (Queensland time) Monday to Friday, but will make appointments after hours as well by arrangement.