The Australian Taxation Office (ATO) is today reminding employers of the new super guarantee rate, ahead of the first quarterly superannuation payment.
The super guarantee rate was increased from 9.25 per cent to 9.5 per cent from 1 July this year, a factor ATO Assistant Commissioner Emma Haines says employers should be well aware of.
“Employers must pay super guarantee contributions for each eligible employee at least four times a year and the first quarterly contributions need to be paid by 28 October,” Ms Haines said in a media release.
“Employers can use the ATO’s online superannuation guarantee contributions calculator to work out how much super they must contribute for eligible workers.”
Small businesses with 19 or less employees are able to use the Small Business Superannuation Clearing House for free, which lets employers pay superannuation contributions in one transaction, to one location.