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Superannuation: An Essential Part of Payroll Processing posted in Superannuation by As a payroll service company, we at i3Group are aware of the hectic schedules of business owners and the limitations on their time. Payroll processing is often one of the non-core components of a business that is often a task that is left to the last minute and hurriedly completed. Many clients often admit to not completely understanding their legislative requirements when it comes to paying staff, and in particular, employee superannuation contributions. اخر تداول الاسهم السعوديه So here is a basic run down of what you need to know about superannuation in Australia. go Why do you have to pay superannuation for your employees? The federal government passed the Superannuation Guarantee legislation to make it compulsory for individuals and employers to save for their future retirement. As an employer, the government holds you accountable to making these contributions.

go to link When do you pay super for an employee?

Employees are deemed eligible for superannuation contributions if they are:

  • 18 years old and over
  • Earn $450 or more (before tax) in a calendar month
  • Employed in a full time, part time or casual position How much do you need to pay?

Currently, the minimum you are required to is 9.25% of the employee’s ordinary time earnings, unless the employee is covered by an award or employment agreement that stipulates a higher contribution amount, then you must pay the higher amount.

Recently the Australian government rolled out their plans for increasing the superannuation rate. Over the next 6 years until 2020, there are plans to increase this rate to 12%.

see url How do you calculate employee super contributions?

Superannuation contribution is calculated on an employee’s ordinary time earnings (OTE), or in other words, what employees earn for their ordinary hours of work and can also include other factors such as:

  • over-award payments
  • certain allowances
  • shift-loading
  • particular bonuses
  • commissions

There are some payments that are excluded when calculating ordinary times earnings such as overtime outside of normal work hours, parental leave and unfair dismissal payments. For further information on calculating contributions, head to the ATO website. When do you need to pay by?

For each eligible employee, you will need to pay a minimum four times per year by the cut-off dates:

follow url Quarterالتداول-الاسهم Period Payment cut-off date

1 1 July – 30 September 28 October
2 1 October – 31 December 28 January
3 1 January – 31 March 28 April
4 1 April – 30 June 28 July

This information may help guide you, however, should you decide that the time spent calculating super could be better spent on other business activities, use an outsourced payroll service such as i3Group to help you with your business payroll services. Call us today on 1300 725 647 and let us be the payroll outsourcing company that shoulders your superannuation burden for you!

20 Feb, 14

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