Superannuation

Superannuation Northern Rivers NSW

Is your business practice current with the superannuation compliance rules, which are essential for small to medium businesses?

Frequently small to medium business proprietors are working in the business and not on their business, and so it’s easy for them to miss legislative changes.

The consequence is the business is no more compliant and innocently gets exposed to financial punishments.

  • Is your business well aware of the punishments liable if superannuation payments are missed to a employees’ Superfund program, and at what rate punishments are calculated through the Australian Tax Office and what paperwork is essential to fill in?
  • Mix-ups about superannuation payment often come about when staff work extra time, or casuals are hired at penalty rates. It’s easy to over or under pay contributions and neither work in your favour!
  • There’s also a certain action businesses must abide by if an employee has not provided superannuation payment details prior to leaving your place of employment and the liability incurred by the business.
  • Assume a potential employee begins employment with your business, and after a few days, it’s determined by both parties that the employment isn’t going to continue.

Whenever the employee has earned over $450 in their time with you, superannuation is still due.

Would you know what you need to do if the employee hasn’t set up a superannuation fund?