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Employee superannuation: What you need to do

Running a business and employing people involves superannuation obligations.

All employees are covered by the superannuation guarantee legislation, whether they are full-time, part-time, or casual workers. This means that as an employer, you'll have to take certain steps during the employment process in order to meet your obligations.

Business owners and employers need to:

  • pay super contributions for eligible employees by the cut off dates each quarter
  • pay at least the minimum 9.50% contribution amount of the earnings base (generally ordinary time earnings)
  • check if any employees are eligible for a choice of super fund
  • provide eligible employees with a Standard choice form
  • pass on employee tax file numbers (TFN) to their super fund within 14 days of receiving a TFN declaration form (if you don't make contributions during that period, you can provide the tax file numbers when you make the contributions)
  • pay super contributions for any eligible contractors
  • keep records of super contribution payments and that a choice of super fund has been offered to eligible employees.

You can employ people under all business structures. If you're a sole trader, or in a partnership and have no employees, you're not obliged to pay super. However you can decide to make self-contributions to your super fund to help you plan for the future. Visit the Australian Taxation Office website to find out more.

Superannuation contributions and fund choices

All employers are required to offer their employees a choice of super fund on commencement. This involves:

  1. identifying new eligible employees
  2. providing a Standard choice form to eligible employees
  3. acting on your employee's choice of super fund.

Payment cut-off dates for super contributions each year are:

  • 28 January
  • 28 April
  • 28 July
  • 28 October.

If you don't make your superannuation contributions by these cut off dates, you'll face penalties. Visit the Australian Taxation Office website to find out what to do if you haven't made your contributions on time.

The article was first published on business.gov.au

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