STOP Overpaying Employee Superannuation!
Lucy Milekovic
? Bookkeeper ? Xero Specialist ? Registered BAS Service Provider ? Lead a well established team of Bookkeepers ? ISO Certified Quality Assured ? Over 25 years experience
MANY BUSINESS OWNERS OVERPAY SUPERANNUATION EVERY WEEK
The ATO states that “generally” any employee earning $450 or more in gross wages in a calendar month should be paid superannuation at 9.5% on top of wages. The key word is “generally”. NOT all wages need to be included!
DO YOU HAVE STAFF UNDER 18 YEARS OLD WORKING LESS THAN 30 HOURS PER WEEK?
The ATO states that if your employee is under 18 years old, they must ALSO work for MORE than 30 hours per WEEK before your obligation to pay superannuation begins. If they are under 18 and working less than 30 hours per week, you are not obliged to pay any superannuation.
DO YOU HAVE STAFF BEING PAID OVERTIME AT OVERTIME RATES?
The ATO states that if your employee works overtime, you do not pay superannuation on the overtime portion of their wage.
Ultimate Business Solutions help business owners every day to maximise the value of the funds their businesses have earned by ensuring they are compliant, but at the same time, ensuring they are not paying more in superannuation that they are legally obliged to.
If you did answer YES to our questions about overpaying superannuation, find out how much you could have saved last year. Save yourself money this year and for years to come.
Give Lucy of Ultimate Business Solutions a call now on 02 9545 1111
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Software developer
6 年Interesting stuff. If I were debating whether to spend some "spare" money (as if!) on marketing or R&D, or to give it as a cash bonus to my staff, sometimes I might go one way and sometimes the other. But in every case I'd want it to be an informed decision, and I'd want to get kudos from my staff if I opted for the cash bonus!