Super Guarantee Rising to 12%
Superannuation contributions that you currently pay on behalf of your employees are set to rise gradually from the current 9.5% to 12% by 2025.
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Employees’ Super
Pay Super Guarantee via the ATO Clearing House
From 1st July 2010, if you have 20 employees or less, you can access the Federal Government’s Clearing House for superannuation guarantee payments. This makes paying super so easy.
(NOTE: As of 1st April 2014, the Australian Taxation Office will run the clearinghouse. Read more about this in this blog).
The Clearing House is the result of a 2007 Federal Election promise. Currently, employees can nominate which super fund they wish you to pay into on their behalf. This may mean that you have to pay into several funds each month which can be time-consuming and costly if you outsource your payroll. The Clearing House relieves you of this burden and allows you to pay your employees’ super into one location – the ATO clearinghouse. Payment of your employees’ super contributions with the ATO immediately relieves you of your legal liability for payment of such super. The use of this facility is free of charge and you can register for this service with the ATO on their website now.
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