Paying Super Guarantee Contributions (SGC) is not just a legal requirement. You have an important role in the future of your employees because the super you pay on their behalf will determine how they live in retirement. It also provides automatic Life Insurance, TPD and Income Protection to protect them and their families along the way.
We want to help you by making this payment process as simple as possible. Meeting employer SGC and Tax File Number responsibilities will mean you can claim a tax deduction for your company’s SGC and avoid possible penalties from the Australian Taxation Office (ATO).
Who is eligible for super? Generally you have to pay the SGC for employees who:
- earn at least $450 (before tax) in a calendar month;
- are aged over 18 or, if under age 18 are working at least 30 hours per week.
For more information on superannuation legislation and your responsibilities you should contact the Australian Taxation Office (ATO) on 13 10 20 or visit their website at www.ato.gov.au