Help Your Business & Employees In Starting With Super
Help Your Business & Employees In Starting With Super
When it comes to running your own business, there are a lot of things you have to think about and learn doing. One such thing is paying super.
Avoiding super for your workers can result in penalties and can turn out to be a costly mistake.
The employers who don’t pay the right amount of Super Guarantee (SG) for workers on time or to the right fund, they need to lodge and pay the SG charge with the ATO within a month of the quarterly due date.
Try not to miss the deadline to avoid any penalties.
How Is Super Guarantee Charge Different From Super Guarantee?
- Super calculated on an employee’s total salary, allowances, overtime and wages
- Nominal interest calculated at 10% per annum
- Administration fee of $20 per employee every quarterWhen it comes to the Super Guarantee Charge, the process of calculating is quite different from paying the super guarantee to the employees’ funds. No matter, what business you are in, the SG charge will usually cost more and includes:
Guide Employees In Choosing A Super Fund
As a responsible employer, play your best part by helping an employee choose a super fund and guide them through the process with tools and information shared by the Australian Taxation Office.
In case, your employee has an existing super fund, let them know they can:
In case, your employee has an existing super fund, let them know they can:
- Log on to ATO online services to consolidate their super and save the unnecessary fee
- Choose their existing fund if it meets their current needs and keep track of their super
- Visit the ATO website to find the super fund details and complete a super fund choice form
- Encourage them to use the YourSuper comparison tool to choose the best fund
- Mention the benefits of keeping track of the super and tell them its never too early
- Inform them that the choices made today will help shape lifestyle options in future
For more handy tips on super, schedule a consultation with our tax accountant at KPG Taxation.
Focus On Growing Your Business, Leave The Accounting On Us!
- Income Tax : File your taxes & get the best claims & returns.
- Accountancy : Hire expert accountants to manage your transactions.
- Bookkeeping : Let us handle your record books and expense reports.
- Business Advisory : From company set-up to payroll, we handle it all.