Our Gold Coast accountants are available to help you manage your business’ super obligations, so you can focus on other important duties, like running your operation.
It’s not easy being a business owner. A lot of people are counting on you. You must make decisions and manage many back-end tasks to ensure that you are meeting your financial and legal obligations. Hiring an accountant is the best way to lift the burden and keep your organisation running smoothly.
What is My Super Obligation as an Employer?
The bigger and more profitable your company becomes, the more responsibility you must juggle. If you forget to handle your superannuation obligations, you could find yourself facing severe damages. All employers who pay employees $450 or more before taxes in a calendar month are required to pay superannuation. This amount is on top of the employee’s wages. Employees who are under 18 years of age or who are private or domestic workers must put in a minimum of 30 hours each week to qualify.
This minimum is known as the super guarantee or SG. The current SG is 9.5% of the employee’s earnings. You are required to pay at least four times each year. If you don’t, you may be required to pay a super guarantee charge (SGC).
Who Decides Where the Funds Go?
The employee can decide where the super funds go. If there is a situation where the employee does not make a decision or is not eligible to do so, then it is up to you to pay contributions into a default or employer-nominated fund.
The fund must be compliant, meaning it meets all requirements set forth by super law. It also must be registered under the Australian Prudential Regulation Authority (APRA). Our Gold Coast accountants can discuss potential funds and help you find one that is qualified.
You may be required by the fund to become a “participating employer.” That may mean that you have to pay into it more frequently, like monthly rather than quarterly. Missed payments could put you on the radar of the SGC.
Hiring Gold Coast Accountants for Managing Your Super Obligations
The most effective way to stay compliant and make super fund payments is with the help of a Gold Coast accountant. Our team is available to answer questions and provide advice. A finance professional can ensure that you operate legally and avoid fines and fees. You keep more time in your busy day, and your super fund is managed with expert care. Let Oculus Group help you manage your super obligations as an employer this year. Fill out our contact form or call us at 07 5536 3755 to get started.