If you’re an employer, keeping good records about the Superannuation Guarantee (SG) contributions you make on behalf of your employees is essential.
Like most business records, you must maintain detailed information about all the super contribution payments you make and their supporting calculations if you don’t want to run into problems with the ATO down the track.
What are the basics of business record-keeping?
A business record is all about recording, managing and substantiating any transaction conducted by your business.
It’s the same with the super and tax-related transactions you completed to meet your legal obligations to your employees.
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Janine has over 25 years’ experience writing about superannuation, including a decade as Managing Editor of the ASFA’s highly respected industry magazine, SuperFunds. She has worked with a range of super funds and leading institutional investment managers.
Her work has appeared in the Australian Financial Review personal finance section and she has been a regular contributor to Money Management and Financial Planning magazines.
IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more
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