Superannuation for employers
Superannuation is money you pay for 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 superannuation on top of their wages.
The minimum you must pay is called the super guarantee (SG):
- the SG is currently 9.5% of an employee’s ordinary time earnings
- you must pay the SG at least four times a year, by the quarterly due dates
- you must pay and report super electronically in a standard format, ensuring you meet Super Stream requirements
- 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.
Link to find out more about paying your Super obligations to your employees: https://www.ato.gov.au/Business/Super-for-employers/
**Note You may not be aware of the following possible Super payments for the following
Under 18 years of Age & Domestic Workers: https://www.ato.gov.au/Business/Super-for-employers/Working-out-if-you-have-to-pay-super/
|Super Guarantee Quarter||Super Guarantee Due Date|
|1 July – 30 September||28 October|
|1 October – 31 December||28 January|
|1 January – 31 March||28 April|
|1 April – 30 June||28 July|