Super reminder for small business

The Australian Taxation Office is reminding small business owners of changes to super payments

Australian Taxation Office (ATO) is reminding employers of the increase to the compulsory minimum super payments they make on behalf of eligible employees ahead of the first quarterly superannuation payment under the new rate.

Assistant Commissioner Emma Haines says employers who make superannuation payments quarterly on behalf of their employees should be aware the super guarantee rate increased from 9.25 per cent to 9.5 per cent as of July 1 this year.

"Employers must pay super guarantee contributions for each eligible employee at least four times a year and the first quarterly contributions need to be paid by October 28," she says.

"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.

"If you have 19 employees or fewer, you can use this free service to pay your super contributions in one transaction," Haines says.

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