Under the super laws you must generally pay super contributions towards your employees’ retirement. We’ll do whatever we can to help make meeting your obligations quick and painless.
Under super law you must pay super contributions for your eligible employees at a minimum rate of 9.5% of their ordinary time earnings, so they can enjoy the benefits of super in their retirement.
The super guarantee (SG) is a super support system for Aussie employees that their employers pay for.
You pay a percentage of your employees’ earnings each quarter into a super fund, like Tasplan. The SG rate is currently 9.5%. This rate will stay in place until the 2020–21 financial year, then will gradually increase until it reaches 12% by 1 July 2025.
You must pay contributions for each quarter to the employee’s fund by the 28th of the month following the end of each quarter.
You might have to pay more regularly than quarterly if your employee’s terms of employment or industrial award conditions say you need to.
If you make personal (after-tax) contributions on behalf of an employee, you should pay as regularly as their terms of employment or award says you need to.
The good news: you can generally claim a tax deduction for super contributions.
Generally, you have to pay super for an employee if they're over 18 and you pay them $450 or more (before tax) in salary or wages in a calendar month. It doesn't matter whether the employee is full time, part time or casual.
If an employee is under 18, they must also work at least 30 hours per week to be entitled to SG.
You may also have to pay super for contractors.
You can use the ATO’s Super guarantee eligibility decision tool to work out if you need to make super contributions for your workers.
If you're a sole trader or a partner in a partnership, you don't have to pay super for yourself, but you can make super contributions to save for your retirement. Email us at firstname.lastname@example.org or call us on 1800 005 166 and we can walk you through your options.
If you're not a Tasmanian State Government employer
Ordinary time earnings are generally what your employees earn for their ordinary hours of work, including:
Overtime payments, for example, aren’t usually counted as ordinary time earnings.
The ATO gives a full rundown on ordinary time earnings on their website at www.ato.gov.au
If you’re a Tasmanian State Government employer
What’s included as part of an employee’s ordinary time earnings is different. You should use the definition of salary as defined under the Public Sector Superannuation Reform Act 2016 (section 4).
If your employees can choose their super fund, give them a Standard choice form. If Tasplan is your default fund and your employee does not make a choice or we’re not your default fund and your employee wishes to choose Tasplan, give them the Pay your super into Tasplan Super form to complete.You must pay contributions into a complying super fund – like Tasplan – and give us your employee's tax file number.
If you don't pay the minimum amount into the correct fund by the due date, you'll have to lodge a form with the ATO and pay them a penalty.
Manage your obligations online with our free clearing house.