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Tips to avoid making a super mistake

1. Calculating the right amount of super

Under the compulsory Super Guarantee, from 1 July 2023 employers are required to pay at least an additional 11% of an employee’s ordinary time earnings into the employee’s nominated super fund. This is gradually raising to 12% by 1 July 2025.

Most modern payroll software can sort out the different types of ordinary time earnings, but the correct data needs to be entered into the payroll system – otherwise, errors can be hard to spot.

2. Pay before the due dates

The best way to avoid missing the super payment deadlines is to set yourself a reminder to make payments. Most payroll managers set up a reminder in an electronic diary or payroll calendar.

Remember, make sure you give your superannuation clearing house or bank plenty of time to ensure the super reaches your employees’ accounts by the due date.

3. Ensure employee details are accurate

Check and double-check that all data entered into your payroll software is correct. And importantly, make sure you include the employees’ Tax File Numbers (TFNs).

4. Know the status of your contractors

This is a common error, but it can be a costly one. Even if a contractor sends invoices and has their own ABN, they may still be classed as an employee for superannuation purposes. This is often the case where a contractor is paid for their services on an ongoing basis – not project by project.  

For more information about contractors being classed as employees for superannuation, visit the ATO’s Contractors webpage.

5. Keep on top of complex funds

Retail super funds often have lots of different account types, which can make it easy to pay into the wrong one. Industry super funds like TWUSUPER are simpler – especially if you’re using up-to-date payroll software and a reliable clearing house.

What if I make a mistake?

First of all, make sure you correct any shortfalls as soon as possible. If you missed the due date you may need to lodge a Super Guarantee Charge Statement.

Where can I go for guidance on super?

TWUSUPER can help employers with their super obligations. If you have a question, just get in touch with your local TWUSUPER Account Manager.

Contact Account Manager

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