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Employer super obligations reminder

The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers.

To help you make sure you are meeting your requirements, consider this checklist:

You are required to pay a minimum of 9.5 per cent of their ordinary time earnings to their superannuation fund.

It is important to maintain accurate record-keeping procedures, so you have evidence to prove you have been meeting your employer super obligations.

Like your employees, some contractors you hire may also be eligible for super contributions.

Unless a worker has not provided their details, you should be paying into their fund of choice instead of your default fund.

The ATO allows employers to make contributions quarterly. Always ensure you make payments on time as late payments can incur a superannuation guarantee charge, which is not tax deductible. When making payments on time, they are tax deductible against your business income.

It is important to send the payment and data electronically in a standard format (paying the SuperStream way). Your business may also be eligible to use the free Small Business Super Clearing House to distribute payments to your employees’ super funds.

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Trustee reporting obligations checklist

November 8, 2018

Trustees must comply with reporting obligations to avoid penalties from the ATO.

The following trustee reporting checklist to make sure you are stress-free at tax-time.

Trustees must: