The Australian Taxation Office (ATO) is reminding all Australian employers that they now need to increase the compulsory minimum superannuation payments they are making on behalf of their eligible employees.
With the start of the new financial year, the superannuation guarantee rate increased from 9.25 per cent to 9.5 per cent on July 1 of this year.
“Super contributions are calculated on the date you pay your employees. If this date was on 1 July or after, then you will need to use the new super guarantee rate,” ATO Assistant Commissioner Emma 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,” Haines said.
For more information about super guarantee visit www.ato.gov.au/employersuper.
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