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Freecall OAMPS Super on 1800 812 993 |
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OAMPS Superannuation Online login |
| Obligations to your staff |
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It sounds scary, but your ‘super obligations’ are just there to make sure your staff receive the super they’re entitled to. In broad-terms, legislation states that you must: • pay superannuation guarantee (SG) contributions to your eligible staff • pay these contributions at a minimum 9% of their base income (unless an award stipulates otherwise) • pay these contributions to a complying superannuation fund by certain dates. If you do not meet your obligations, you will have to pay a fine called the Superannuation Guarantee Charge to the ATO. From 1 July 2008 there has also been a new requirement that employee’s superannuation guarantee (SG) contributions be based on ‘ordinary time earnings’ (OTE). This may impact the way you calculate your SG contributions, as you will now be required to include bonuses, commissions, shift allowances and paid leave when calculating the 9% contribution amongst other things. In certain circumstances this may reduce some employees’ current take home pay, or may require you to adjust some salary packaging arrangements. For a detailed look at what makes up Ordinary Time Earnings, click here or visit www.ato.gov/super or if you have any questions, please call the OAMPS Super Service Centre, 8am to 8pm weekdays on 1800 812 993. When do you have to pay Super Who is exempt? |
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