Home' Facility Perspectives : Vol 12 No 1 Contents 12
FACILITY PERSPECTIVES | VOLUME 12 NUMBER 1
| INDUSTRY UPDATE
SUPER BASICS FOR
Keeping on top of superannuation can be a challenge for anyone running a business; particularly for
people in facilities management, where customer service – a considerably time-intensive task – must
be the main focus. So, to help facilities managers brush up on the basics, here are AustralianSuper’s
answers to some frequently asked questions.
Why is super important?
Under super guarantee legislation
introduced by the Australian
Government in 1992, paying super
to eligible employees is compulsory. It’s
important for employees because, alongside
any age pension payments they’re eligible
for, it is their super that will help them to
enjoy a better lifestyle in retirement.
How much super do I need to pay for
Most employers should be paying 9.5 per
cent of employees’ ordinary time earnings
to an approved super fund. This amount
is known as the superannuation guarantee
(SG). If you make these payments on time
you can generally claim them as a tax
deduction. If your employees are covered by
an award or employment agreement, which
specifies a higher super contribution than
9.5 per cent, you must pay the higher amount.
What are ordinary time earnings?
Ordinary time earnings are generally what
employees earn for their ordinary hours of
work. It includes things like shift loadings
for casual work and most allowances, but
generally not overtime payments.
Do I have to pay super for all my
If you pay an employee more than $450 a
month before tax, you’re generally required
to make super contributions for them on top
of their wages.
When do I make payments?
It’s best to organise your payment schedule
in advance so you don’t have to think about
it later. You can choose to pay super to
the employee’s super fund on a weekly,
fortnightly, monthly or quarterly basis. Most
employers that use AustralianSuper pay
monthly to make it easier to keep up with
payments and ensure that they pay on time.
Payments made on time (before the
Australian Taxation Office (ATO) super
guarantee contributions’ deadlines) can be
claimed as a tax deduction. If you don’t meet
the quarterly deadline, you’ll have to provide
a statement for the following month to the
ATO and pay the super guarantee charge
(SGC), which is higher than the SG, and isn’t
tax deductible. These deadlines are listed in
the table above.
How do I make payments?
Using a super clearing house, like QuickSuper,
is the easiest way to pay super for multiple
employees, no matter what super fund they
belong to. QuickSuper is compliant, secure
and free for eligible employers*.
Can I give my employees information
You can give your employees factual
information about what choosing a super
fund is about, the process of choosing a
fund, your obligations as an employer and
what they can do to nominate a super fund
as their chosen fund. You can’t make
recommendations or give advice to
employees about super, such as which fund
to choose or whether they should make extra
super contributions. If your employees would
like to compare AustralianSuper with other
super funds, they can visit:
THIS INFORMATION WAS ISSUED IN FEBRUARY 2018 BY
AUSTRALIANSUPER PTY LTD ABN 94 006 457 987 AFSL 233788,
TRUSTEE OF AUSTRALIANSUPER ABN 65 714 394 898 AND MAY
CONTAIN GENERAL FINANCIAL ADVICE THAT DOES NOT TAKE
INTO ACCOUNT YOUR PERSONAL OBJECTIVES, SITUATION OR
NEEDS. EMPLOYERS SHOULD SOURCE TECHNICAL/PROFESSIONAL
ADVICE THAT MEETS THEIR OWN NEEDS AND ADDRESSES
THEIR OWN OBLIGATIONS AND SPECIFIC CIRCUMSTANCES.
BEFORE MAKING A DECISION ABOUT AUSTRALIANSUPER,
CONSIDER YOUR FINANCIAL REQUIREMENTS AND READ THE
PRODUCT DISCLOSURE STATEMENT (PDS), AVAILABLE AT
AUSTRALIANSUPER.COM/PDS OR BY CALLING 1300 300 273.
*QUICKSUPER IS A REGISTERED TRADEMARK AND A PRODUCT
OWNED AND OPERATED BY WESTPAC BANKING CORPORATION
ABN 33 007 457 141. WESTPAC’S TERMS AND CONDITIONS
APPLICABLE TO THE QUICKSUPER SERVICE ARE AVAILABLE AFTER
YOUR ELIGIBILITY FOR THE FREE CLEARING HOUSE SERVICE IS
ASSESSED BY AUSTRALIANSUPER. A PDS IS AVAILABLE FROM
WESTPAC UPON REQUEST. AUSTRALIANSUPER DOESN’T ACCEPT
LIABILITY FOR ANY LOSS OR DAMAGE CAUSED BY USE OF THE
QUICKSUPER SERVICE AND DOESN’T RECEIVE ANY COMMISSIONS
FROM WESTPAC IF EMPLOYERS USE THIS SERVICE.
SG and tax deductability
SG statement lodgement and SGC
Need more information? Visit
australiansuper.com, or call us on
1300 300 273.
ARTICLE PROVIDED BY AUSTRALIANSUPER
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