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Ballarat Accountants: Super Guide for Business Owners

Ballarat Accountants & Ballarat Bookkeepers: Our goal is to empower you to become a better, more financed-focused and well-rounded entrepreneur. Contact us at or 1300 328 855

Superannuation is the money you pay your staff to provide for their retirement. If you pay your employee $450 or more before tax in a month, you need to pay superannuation on top of his or her wages. All employees are covered by the super guarantee whether they are full time, part time or casual.

The minimum an employer must pay is called the superannuation guarantee. It is 9.5% of an employee’s base earnings. As an employer, you are required to pay superannuation contributions for eligible employees quarterly or more frequently if required. Some contractors can also be entitled to superannuation. You need to pay and report superannuation electronically in a standard format to make sure you meet SuperStream requirements.

You must pay superannuation to complying super funds and check if staff are eligible to choose their own superannuation funds and provide those who are with a Standard choice form. You need to advise your employees of your employer nominated fund or your default fund. If they don’t nominate their choice, you need to pay their super guarantee into your default fund. You need to give your employee’s tax file number to their superannuation fund within 14 days of receiving their TFN declaration form or provide their TFN when you make contributions. You must keep records of superannuation contribution payments and proof that you offered a super fund choice to eligible employees.

Ballarat Accountants & Ballarat Bookkeepers: Our goal is to empower you to become a better, more financed-focused and well-rounded entrepreneur. Contact us at or 1300 328 855

All employers are required to offer eligible employees a choice of super fund and act on it. Due dates for superannuation contributions each quarter are 28 January, 28 April, 28 July and 28 October. You will face penalties if you do not make your super contributions by these due dates.

If you have employees, you must use SuperStream to pay super. It makes making super contributions easier and you will be able to make all of them in a single transaction to multiple super funds. Under SuperStream, you have to send all superannuation data and make contributions electronically, link money and data with a payment reference number and send payments and data on the same day. You may upgrade your software so it complies with the standard, use a service provider or get advice from your super fund on how you can meet this standard.

Single Touch Payroll is a new way to report tax and super information to the ATO. Employers report their employees payroll information to the ATO each time they pay for this. STP is mandatory for all employers but micro employers have additional options such as low or no cost products or quarterly reports through their registered tax or BAS agent.

Ballarat Accountants & Ballarat Bookkeepers: Our goal is to empower you to become a better, more financed-focused and well-rounded entrepreneur. Contact us at or 1300 328 855

Small business owners with 19 or less employees or have an annual turnover of less than $10 million can use the Small Business Superannuation Clearing house to make super guarantee contributions for free. It allows for multiple payments in one transaction and gives 21 days to pass on your employee’s choice of fund.

If you are a sole trader or partner in a partnership, you can opt whether to pay super to yourself or not. You don’t need to make super contributions to a super fund for yourself but you may want to consider doing so to save for your retirement.

Ballarat Accountants

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

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Ballarat Accountants | Business Accountants Ballarat | Bookkeepers Ballarat | Mortgage Broker Ballarat | Financial Planning Ballarat

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Melbourne Accountants | Business Accountants Melbourne  | Bookkeepers Melbourne | Mortgage Broker Melbourne | Financial Planning Melbourne 

Sunbury Accountants | Business Accountants Sunbury | Bookkeepers Sunbury | Mortgage Broker Sunbury | Financial Planning Sunbury

Gisborne Accountants | Business Accountants Gisborne | Bookkeepers Gisborne | Mortgage Broker Gisborne | Financial Planning Gisborne

Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437




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