As a business owner, if you have employees who earn more than $450 a month, you have a statutory obligation to pay them superannuation, known as the Superannuation Guarantee Charge (SGC). Certain staff have the right to choose which super fund their SG is paid into. 1 Here we look at your staff’s superannuation choices, your contributions and how else you may be able to help you employees.
Educate, consolidate, salary sacrifice, spouse accounts: just some of the strategies and options you can use to help employees maximise their super.
On a personal level you should consider your own retirement and superannuation requirements.
As it will affect the return of your employees' superannuation, where your super is invested and who it is invested with are important decisions.
As an employer you have to contribute the Super Guarantee Charge on behalf of your eligible employees at least once a quarter. We have some ways of making it simpler.
Things you should know
- 1.There may be limited circumstances where your employer is not required to accept your Super Choice nomination, for example, if you have already exercised Super Choice in the last 12 months.