Source: Unsplash/Heidi Fin.
Thinking of hiring staff to cover the Christmas rush? Make sure to pay your new employees their superannuation guarantee, no matter how few hours they work, the Australian Taxation Office (ATO) says.
As of July 1 this year, employers are required to pay their workers a superannuation guarantee at a rate of 10.5%, even if they only pick up a handful of hours each week.
Previously, employers were only on the hook for superannuation if an adult employee earned more than $450 per month.
As employers scramble to find staff for the traditionally busy months ahead, the ATO this week reminded business owners to check their employee eligibility.
Business owners should also take the time to “check your payroll and accounting systems have been updated so you’re calculating your employees’ [superannuation guarantee] payments correctly,” the tax office said.
Handpicked for you
ATO looks to bridge $33 billion tax gap by collecting unpaid debts from small business
COMMENTS
Reader comments will be back online shortly. In the interim send us any tips or feedback via news@smartcompany.com.au.