If you're looking to start a small business or are already running one, and have staff working for you - superannuation can be very tricky. So in this video, I want to help you get organised and keep your employees happy.
Which employees do you have to pay super for?
All employees are entitled to receive superannuation on their wages & salaries. This includes all full-time, part-time, and casual workers.
How much super do you have to pay?
The current super guarantee rate is 9.5% but will be increasing to 10% at 1 July 2021. This is then calculated based on the employees' ordinary times earnings (OTE).
How do you choose a default super fund?
You need to nominate a super fund that will be your "employer nominated fund". You then need to tell your employees what your employer nominated fund is on a "Standard Choice Form". This form should be provided to your employees within 28 days of them commencing their employment with you.
When do you need to pay super?
The due dates for super is the 28th day of the month following each quarter:
- January to March quarter is due 28 April
- April to June quarter is due 28 July
- July to September quarter is due 28 October
- October to December quarter is due 28 January
How do you pay super?
If you're a small business owner with less than 20 employees, you can use the Small Business Super Clearing House (SBSCH) to make your superannuation guarantee contributions. You can also use your online accounting package - like Xero or Myob.
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