Working out termination and super payments for a departing employee can be confusing, but be careful not to provide them with financial advice.
A salary sacrifice arrangement with your employee needs to meet certain rules if you want to avoid problems with the ATO later on.
If you’re self-employed it’s easy to forget super, but making contributions for your retirement and into the super account of any staff you have is essential.
Forgetting about regularly paying your employees’ super is easy, so here’s 7 checklists to help ensure you master your super responsibilities.
When you make super contributions for your employees, ensure you pay by the deadline – or risk having to pay a penalty to the ATO.
Working out which of your employees are eligible for SG contributions can be tricky unless you know who the ATO considers an employee – you may be surprised.
Failing to report and pay your SG obligations can result in hefty penalties from the ATO, so ensure you meet your quarterly responsibilities.
As if employers don’t have enough to do, they also need to notify the ATO of any reportable employer super contributions they make for their employees.
When you make SG contributions, some of your employees won’t have a super fund, so it will be up to you choose a default super fund for them.
If you have employees, it can be confusing to work out the right SG contributions for them. But it’s important to get it right, or you may have to pay extra.]
High income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2021-22 and previous years.
Take this 10-question quiz to test your knowledge on the superannuation responsibilities for employers.
Employers generally don’t pay super for contractors, but it’s tricky to work out how they differ from employees. Here’s some rules to help you understand the difference.
Tax deductions are a valuable sweetener when you make super contributions for your employees, but which payments can you claim on your annual tax bill?
If you don’t pay your SG contributions on time and in full, you will need to pay the Super Guarantee Charge to the ATO. But what is it and what’s the SGC Statement?