Employers: Remember to pay the new super guarantee rate
Ahead of the first quarterly superannuation payment under the new rate, the Australian Taxation Office is reminding employers of the increase to the compulsory minimum super payments they make on behalf of eligible employees.
Emma Haines, ATO assistant commissioner said employers who make superannuation payments quarterly on behalf of their employees should be aware the super guarantee rate increased from 9.25 per cent to 9.5 per cent as of 1 July this year. “Employers must pay super guarantee contributions for each eligible employee at least four times a year and the first quarterly contributions need to be paid by 28 October,” Ms Haines said.
“Employers can use the ATO’s online superannuation guarantee contributions calculator to work out how much super they must contribute for eligible workers.”
Small businesses are encouraged to use the ATO’s free Small Business Superannuation Clearing House service to help meet their super guarantee obligations. The Small Business Superannuation Clearing House lets you pay your superannuation contributions in one transaction, to a single location; helping to make the process easier.
“If you have 19 employees or fewer, you can use this free service to pay your super contributions in one transaction,” Ms Haines said.
For more information about super guarantee visit www.ato.gov.au/employersuper or seek help from your superannuation service provider.
