The Superannuation Guarantee Charge (SGC) is currently set at 9% of your employee’s earnings base (this usually means the amount they earn for their ordinary hours of work).
If you have many employees, you may need to submit contributions to multiple super providers. This could be a costly and time consuming task however we have some online solutions that can help speed things up.
When do I make payments?
You need to make payments to a complying superannuation fund at least quarterly. Contributions are due by 28 October, 28 January, 28 April, and 28 July each year.
Which employees do I pay?
Generally you will be required to pay superannuation if the employee is:
- Paid more than $450 a month (pre tax)
- Aged over 18 and works 30 hours a week or more
- Under 70.
Detailed superannuation information on eligible employees can be found at the ATO Employers superannuation essentials.
What should I report?
You need to report details of contributions to your employees at least every quarter on a pay slip, letter or email. You also need to keep a record of all contributions made and when and how you report details to your employees.
How do I make payments?
You will need to submit contributions to the funds nominated by your employees, as such your payroll systems will need to be able to store at a minimum, the following information:
- Provider (for example BT)
- Member number.
We also have a choice of 2 employer superannuation plans that provide access to an award winning online administration system and transaction service called BT Online Employer.
Another option for making payments easily is through a clearing house or Westpac QuickSuper. Generally you will need to provide your employees fund details and a direct payment (cheque or direct debit) and the clearing house will do the rest.
Payments are counted as being paid when the fund receives them. It’s a good idea to check with your clearing house the time it takes to process payments, to ensure they are made before your cut-off date.