Superannuation | Hampton Park
Running a business that employs people involves many obligations, including paying your employees' superannuation.
Contact SJB Bookkeeping in Hampton Park if you need help understanding Australia’s superannuation system.
Superannuation and Small Businesses
Business owners in Australia need to pay super contributions for their employees 4 times a year. The process involves identifying eligible employees, offering them a choice of super fund and acting on their choice. The minimum super you pay for an employee each quarter is called the super guarantee.
Contact us to work out if there are superannuation obligations associated with your business structure and the minimum contribution you can make! We can also help you keep records of how much super guarantee you paid for each employee and how it was calculated.
All superannuation records should be kept for 5 years
Super is money you contribute to an employee's retirement. If you meet your super obligations, you can claim a tax deduction for super payments made in the financial year.
SG is currently set at 9.5% of your employee’s earnings base. If payments are not made on time, a super guarantee charge will apply, consisting of:
- The SG shortfall amounts
- A 10% interest on the amounts
- An administration fee of $20 per employee per quarter
We can help you meet your superannuation obligations
Payment cut-off dates for super contributions each year are:
Contact us to make an appointment!