- Check you're paying for the right people. You need to pay super for all your eligible employees. Most employees and some contractors are eligible for super.
- Check you’re paying the right amount. Currently you need to pay 9.5% of your employee's ordinary time earnings.
- Check you’re paying on time. You need to pay super at least quarterly. Some super funds, awards or agreements may require more frequent payments.
- Check you’re paying to the right place. You must pay super into a complying super fund or Retirement Savings Account. Most employees can choose their own fund.
- Check you’re paying the right way. All employers must use SuperStream when paying super. This means you pay your employees’ super and send all their information electronically though one channel. It’s easier and will save you time.
And of course, you need to keep records to show how much you've paid, when you paid, and that you offered a choice of fund.
HAVE AN EMPLOYEE WHO HASN’T CHOSEN A SUPER FUND?
If your employees haven't provided their super fund information, you will need to make their super guarantee payments into your employer-nominated or default fund by the required due dates.
As an employer, you must nominate your default fund and make sure that it is:
- a complying fund that meets requirements and obligations under super law; and
- a MySuper product registered by the Australian Prudential Regulation Authority.
You should contact the fund you have chosen before offering it as a default fund.