Am I an employer for super purposes?
SG contributions must be made quarterly by law, but can be made as frequent as your business requires. See below table for quarterly due dates.
You may need to pay contributions into a complying super fund or retirement savings account. Your employees may be able to choose the super fund you pay their super contributions into.
For more information on paying super contributions to multiple funds in one payment, please refer to our Clearing House section on our website.
|What is a default super fund?|
Before you offer your employees the option to choose a super fund, you must have a fund you will pay their super into if they can’t or don’t choose their own fund. This fund is referred to as your default fund.
The super fund you nominate must:
|What do I need to do to nominate Energy Super as my default super fund?||To nominate Energy Super as your default fund simply complete the Employer Application form. You then have 28 days to provide a new Standard Choice Form to your employees with our details. Energy Super can provide you with a Standard Choice Form pre-populated with our details for you to give to your employees.|
Not all employees are eligible to choose their super fund. It generally depends on the award or industrial agreement that you employ them under. You need to provide a Superannuation Standard Choice Form to all new employees who are eligible to choose a super fund. You need to provide this form within 28 days of the eligible employee commencing employment.
If an employee doesn’t specify a preferred super fund, then you must pay their super contributions into your chosen default fund.
|Generally, SG contributions are tax deductible in the financial year that they are paid. You cannot claim a tax deduction for the superannuation guarantee charge because it is a penalty for failing to meet your super obligations by the cut-off date.|
|If you don't meet your super obligations you'll have to pay a super guarantee charge to the ATO.|
If your employees provide their tax file number (TFN), you must pass their TFN onto their chosen super fund the next time you make a payment for them. If you receive the TFN less than 14 days before you are due to make a superannuation payment, you have 14 days to give the TFN to their chosen fund.
There are penalties if you do not pass on an employee’s TFN to their fund. It is also your responsibility to ensure that third party providers, such as payroll providers, pass on employee’s TFNs to their super funds.
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