Super Guarantee checklist for employers

1. Not all employees are eligible for the Super Guarantee (SG). To check the classification for each worker go to Work out if you have to pay super | Australian Taxation Office (ato.gov.au)

2. Check the super fund details are correct – super contributions must be paid to the right fund. Your employee can either select a fund of their choice or a you can nominate a default fund. You must ensure the correct fund has been selected and the employee has provided the fund their TFN.

3. Check the right amount of super is being paid – the SG rate is currently 11%. From 1 July 2024, the rate will increase to 11.5%.

4. Check that contributions are paid on time – super contributions must be paid at least 4 times a year, by the quarterly due dates. The next payment is due on 28 July.  Many of our clients automate the super payments through payroll in Xero, please call us at TaxAssist Accountants if you need help with this. If you are using a super clearing house, you need to allow enough time for payments to reach the worker's super fund as processing times can vary.

5. You need to lodge a super guarantee charge (SGC) statement and pay the SGC  by the due date. If a payment is late or missed – additional penalties may apply.

How we can help

The ATO has a checklist for employers that you can find here. TaxAssist Accountants can advise you and ensure you are set up to manage your staff payroll and SG obligations.

Call us on 02 9608 3707 or contact us here. We also offer a free 20 minute initial consultation.

Last updated: 24th June 2024