2020 Australian Freight Industry Awards go virtual
The 2020 Australian Freight Industry Awards (AFIA), proudly sponsored by TWUSUPER and Viva Energy Australia, will go ahead in 2020 in a virtual format. This free event On Sunday 29 November will include an awards ceremony and entertainment.
Tips to avoid making a super mistake
1. Calculating the right amount of super
Under the compulsory Super Guarantee, employers are required to pay at least an additional 9.5% of an employee’s ordinary time earnings into the employee’s nominated super fund.
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 SuperFunds 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 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.
Who is TWUSUPER?
TWUSUPER is the Industry Super Fund for people in transport and logistics - the people who keep Australia moving. We exist only to benefit our members, and have been helping employers manage employee super since 1984. We currently manage over $5 billion.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statement (PDS). The PDS is relevant when deciding whether to acquire or hold a product.