Earlier this week, the team attended a tax training seminar focused on the new payroll requirements. There were a few small business owners in attendance and it became apparent that they were still struggling with understanding their previous obligations – much less having to now deal with new additions!
Super seems to be one area in particular where small business operators are struggling with the education, time and cost involved with compliance.
As a general rule, you’re required to pay 9% (that’s on top of any other salary or wages) to eligible employees who:
- are aged between 18 and 70
- are paid $450 (before tax) or more in a calendar month, and
- work full-time, part-time or on a casual basis.
The Tax Office have plenty of useful information and tools available online to help you understand your super obligations as an employer. You might want to check out this page.
In most cases, employee can nominate their own fund for you to pay into. Remember that super guarantee payments should be made at least once each quarter.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
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