Are you meeting your super obligations?

As 2018 draws to a close, now is a good time to review your super obligations to your employees to ensure you aren’t liable to pay any penalties.

Here’s what you need to know:

Who qualifies for super?

Generally, you have to pay super on top of an employee’s wages if:

  • you pay them $450 or more before tax in a calendar month
  • they are under 18 years of age and work 30 or more hours for you in a week.
How much do I have to pay?

The minimum amount of super you must pay is called the Superannuation Guarantee (SG), which is currently set at 9.5% of an employee’s ordinary time earnings. Some companies offer employees higher SG payments as part of an award or employment agreement, but 9.5% is the base rate you must pay to be compliant.

How often do I have to pay?

You must pay SG at least four times a year, by the quarterly due dates. These due dates are available from the ATO  . However, most employers find it easier to pay super in line with their pay cycle, be that weekly, fortnightly or monthly.

How do I pay?

As an employer with EISS Super, setting up super payments for your employees is easy using the EISS Super Employer Portal.

The portal includes three main sections that allow you to:

  • Process contributions or update employee details
  • Add and maintain user, employer and member details
  • Search and view previous payments and contributions

 

The Employer Portal is SuperStream compliant, which means it processes payments and transmits all associated data electronically. This allows you to make all your contributions in a single transaction, even if they are going to multiple funds.

For more information on using the EISS Super Employer Portal, please visit eisuper.com.au/employerportalbasics  

What happens if I don’t pay?

If you don’t pay your employees SG into the correct funds by the due date, you may have to pay the superannuation guarantee charge. This charge includes the amounts owing, interest on those amounts (currently 10%) and an administration fee of $20 per employee, per quarter – so it’s important to make payments on time.

Have a question or need help?

Call our employer helpline on 1300 369 901 or contact one of our Customer Relationship Managers who can assist you over the phone or organise to meet with you face to face at your workplace.